Avalon Global Asset Management LLC Has $22.18 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Avalon Global Asset Management LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,200 shares of the information technology services provider’s stock after purchasing an additional 100 shares during the period. ServiceNow comprises 5.0% of Avalon Global Asset Management LLC’s portfolio, making the stock its 4th largest holding. Avalon Global Asset Management LLC’s holdings in ServiceNow were worth $22,184,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new stake in ServiceNow in the first quarter worth about $25,000. Versant Capital Management Inc boosted its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the last quarter. EntryPoint Capital LLC increased its holdings in ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares during the last quarter. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of ServiceNow in the fourth quarter worth about $29,000. Finally, Ridgewood Investments LLC bought a new position in ServiceNow during the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 2.0 %

NYSE NOW opened at $937.36 on Friday. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $940.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $192.16 billion, a price-to-earnings ratio of 100.25, a price-to-earnings-growth ratio of 5.25 and a beta of 0.98. The company’s 50-day simple moving average is $822.56 and its two-hundred day simple moving average is $771.23.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.28. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. During the same period last year, the company posted $0.77 earnings per share. Equities analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Gina Mastantuono sold 1,800 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,914 shares of company stock worth $5,608,936. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on NOW. Guggenheim reiterated a “sell” rating and set a $640.00 price objective on shares of ServiceNow in a research report on Monday, July 8th. Wells Fargo & Company upped their price objective on ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Truist Financial lifted their target price on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. JMP Securities increased their price target on ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $855.44.

About ServiceNow

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.