Contravisory Investment Management Inc. Boosts Position in ServiceNow, Inc. (NYSE:NOW)

Contravisory Investment Management Inc. increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4,620.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 472 shares of the information technology services provider's stock after buying an additional 462 shares during the period. Contravisory Investment Management Inc.'s holdings in ServiceNow were worth $500,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in NOW. Essex Savings Bank raised its stake in shares of ServiceNow by 6.7% in the fourth quarter. Essex Savings Bank now owns 622 shares of the information technology services provider's stock valued at $659,000 after acquiring an additional 39 shares in the last quarter. Surience Private Wealth LLC purchased a new position in shares of ServiceNow in the 4th quarter valued at about $4,203,000. BluePath Capital Management LLC grew its position in shares of ServiceNow by 16.6% during the fourth quarter. BluePath Capital Management LLC now owns 1,243 shares of the information technology services provider's stock worth $1,263,000 after buying an additional 177 shares in the last quarter. HCR Wealth Advisors increased its stake in shares of ServiceNow by 2.2% during the fourth quarter. HCR Wealth Advisors now owns 3,164 shares of the information technology services provider's stock worth $3,354,000 after buying an additional 68 shares during the period. Finally, Redhawk Wealth Advisors Inc. raised its holdings in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $487,000 after acquiring an additional 10 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Nicholas Tzitzon sold 313 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the transaction, the insider now owns 3,649 shares of the company's stock, valued at $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the firm's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares of the company's stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,276 shares of company stock worth $20,535,115. Company insiders own 0.25% of the company's stock.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $3.07 during mid-day trading on Thursday, hitting $1,057.20. 627,468 shares of the company were exchanged, compared to its average volume of 1,162,941. The stock has a 50 day simple moving average of $1,067.55 and a 200-day simple moving average of $928.41. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a market cap of $217.78 billion, a price-to-earnings ratio of 164.42, a price-to-earnings-growth ratio of 4.65 and a beta of 0.99.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business's quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group boosted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Friday, January 10th. JPMorgan Chase & Co. increased their target price on ServiceNow from $820.00 to $950.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Raymond James began coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price target on the stock. Scotiabank initiated coverage on ServiceNow in a research report on Tuesday, November 19th. They set a "sector outperform" rating and a $1,230.00 price objective for the company. Finally, Morgan Stanley lowered ServiceNow from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $1,071.39.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.