Red Door Wealth Management LLC Buys 481 Shares of ServiceNow, Inc. (NYSE:NOW)

Red Door Wealth Management LLC grew its stake in ServiceNow, Inc. (NYSE:NOW) by 6.5% during the fourth quarter, Holdings Channel reports. The firm owned 7,901 shares of the information technology services provider’s stock after purchasing an additional 481 shares during the period. ServiceNow makes up approximately 1.3% of Red Door Wealth Management LLC’s portfolio, making the stock its 22nd largest position. Red Door Wealth Management LLC’s holdings in ServiceNow were worth $8,376,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Redhawk Wealth Advisors Inc. raised its holdings in ServiceNow by 2.2% during the 4th 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 during the period. Catalyst Financial Partners LLC lifted its holdings in ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after buying an additional 11 shares during the period. First Affirmative Financial Network boosted its position in shares of ServiceNow by 1.4% during the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after purchasing an additional 12 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in ServiceNow by 14.6% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after acquiring an additional 12 shares during the period. Finally, BluePointe Capital Management LLC grew its holdings in ServiceNow by 0.6% in the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after purchasing an additional 12 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their price target on shares of ServiceNow from $1,045.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Mizuho lifted their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Scotiabank began coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective on the stock. Barclays increased their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Jefferies Financial Group raised their price target on ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,093.34.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 81 shares of ServiceNow stock in a transaction on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total value of $82,339.74. Following the transaction, the general counsel now owns 6,843 shares in the company, valued at $6,956,183.22. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 76 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. This represents a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock valued at $21,016,751 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Trading Up 0.6 %

NOW opened at $1,132.30 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,157.90. The business has a fifty day moving average price of $1,072.95 and a 200 day moving average price of $938.64. The stock has a market capitalization of $233.25 billion, a price-to-earnings ratio of 176.10, a PEG ratio of 4.98 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 7.04 earnings per share for the current fiscal year.

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.