Portfolio Design Labs LLC Invests $1.67 Million in ServiceNow, Inc. (NYSE:NOW)

Portfolio Design Labs LLC bought a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,867 shares of the information technology services provider's stock, valued at approximately $1,670,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Avidian Wealth Enterprises LLC increased its holdings in ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider's stock valued at $436,000 after purchasing an additional 138 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider's stock worth $2,565,000 after acquiring an additional 765 shares during the last quarter. AXA S.A. grew its position in shares of ServiceNow by 1.1% during the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider's stock worth $304,712,000 after acquiring an additional 4,271 shares during the last quarter. HWG Holdings LP bought a new position in shares of ServiceNow during the second quarter worth about $2,679,000. Finally, Brookstone Capital Management grew its position in ServiceNow by 25.5% in the 2nd quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider's stock valued at $10,595,000 after buying an additional 2,928 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company's stock, valued at $3,027,502.32. The trade was a 33.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $2,799,853.92. This trade represents a 10.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,373 shares of company stock worth $7,139,335. Corporate insiders own 0.25% of the company's stock.

ServiceNow Stock Performance

NOW traded up $0.88 during trading on Wednesday, reaching $1,022.98. 1,105,096 shares of the company's stock were exchanged, compared to its average volume of 1,285,041. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. 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 business has a 50 day moving average price of $938.70 and a 200 day moving average price of $829.46. The company has a market capitalization of $210.73 billion, a P/E ratio of 158.97, a PEG ratio of 5.80 and a beta of 0.98.

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

Analysts Set New Price Targets

NOW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of ServiceNow from $820.00 to $950.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Needham & Company LLC raised their target price on shares of ServiceNow from $900.00 to $1,075.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. Robert W. Baird raised their price target on shares of ServiceNow from $900.00 to $975.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Morgan Stanley cut shares of ServiceNow from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Finally, Truist Financial raised their price objective on shares of ServiceNow from $780.00 to $900.00 and gave the company a "hold" rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $986.39.

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.