Covington Capital Management Purchases 246 Shares of ServiceNow, Inc. (NYSE:NOW)

Covington Capital Management raised its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 7.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,604 shares of the information technology services provider’s stock after purchasing an additional 246 shares during the period. Covington Capital Management’s holdings in ServiceNow were worth $1,361,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. High Net Worth Advisory Group LLC bought a new position in shares of ServiceNow in the first quarter worth $29,000. Vigilant Capital Management LLC boosted its holdings in shares of ServiceNow by 300.0% in the third quarter. Vigilant Capital Management LLC now owns 96 shares of the information technology services provider’s stock worth $36,000 after acquiring an additional 72 shares during the period. Motco bought a new position in shares of ServiceNow in the third quarter worth $37,000. Mach 1 Financial Group LLC bought a new position in shares of ServiceNow in the third quarter worth $43,000. Finally, Vienna Asset Management LLC bought a new position in shares of ServiceNow in the third quarter worth $44,000. 86.31% of the stock is owned by institutional investors.

ServiceNow Stock Up 2.3 %

Shares of ServiceNow stock opened at $424.54 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.11. ServiceNow, Inc. has a 52-week low of $337.00 and a 52-week high of $601.62. The company’s 50 day moving average price is $435.42 and its 200-day moving average price is $412.03. The stock has a market capitalization of $86.18 billion, a price-to-earnings ratio of 265.34, a P/E/G ratio of 5.56 and a beta of 1.03.

ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The information technology services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.28. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.93 billion. ServiceNow had a net margin of 4.49% and a return on equity of 9.37%. Equities research analysts forecast that ServiceNow, Inc. will post 2.64 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Christopher Bedi sold 377 shares of the stock in a transaction on Wednesday, February 8th. The shares were sold at an average price of $464.59, for a total transaction of $175,150.43. Following the completion of the sale, the insider now owns 16,990 shares of the company’s stock, valued at approximately $7,893,384.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ServiceNow news, insider Christopher Bedi sold 377 shares of the stock in a transaction on Wednesday, February 8th. The shares were sold at an average price of $464.59, for a total transaction of $175,150.43. Following the completion of the sale, the insider now owns 16,990 shares of the company’s stock, valued at approximately $7,893,384.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 2,483 shares of the stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $455.03, for a total transaction of $1,129,831.05. Following the sale, the chief executive officer now directly owns 53,117 shares of the company’s stock, valued at approximately $24,169,647.91. The disclosure for this sale can be found here. Insiders sold 63,016 shares of company stock valued at $28,805,543 in the last quarter. Company insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of ServiceNow from $550.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, January 26th. Deutsche Bank Aktiengesellschaft dropped their price objective on ServiceNow from $625.00 to $525.00 and set a “buy” rating for the company in a research note on Monday, January 23rd. Truist Financial lowered ServiceNow from a “buy” rating to a “hold” rating and decreased their target price for the stock from $525.00 to $420.00 in a research note on Monday, January 9th. Morgan Stanley lifted their price target on ServiceNow from $520.00 to $612.00 and gave the company an “overweight” rating in a research report on Monday, December 19th. Finally, Sanford C. Bernstein decreased their price objective on shares of ServiceNow from $641.00 to $586.00 and set an “outperform” rating on the stock in a research report on Thursday, January 26th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $517.47.

ServiceNow Company Profile

(Get Rating)

ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. The company was founded by Frederic B.