Balboa Wealth Partners Purchases 325 Shares of ServiceNow, Inc. (NYSE:NOW)

Balboa Wealth Partners raised its stake in ServiceNow, Inc. (NYSE:NOW) by 24.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,680 shares of the information technology services provider’s stock after acquiring an additional 325 shares during the quarter. Balboa Wealth Partners’ holdings in ServiceNow were worth $1,503,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Creekmur Asset Management LLC bought a new stake in shares of ServiceNow in the first quarter valued at approximately $25,000. Versant Capital Management Inc raised its holdings in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 28 shares in the last quarter. EntryPoint Capital LLC lifted its position in ServiceNow by 3,900.0% during 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 period. Ridgewood Investments LLC purchased a new position in ServiceNow in the second quarter worth about $32,000. Finally, DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NOW has been the subject of a number of recent analyst reports. Canaccord Genuity Group upped their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Needham & Company LLC increased their target price on shares of ServiceNow from $900.00 to $1,075.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Royal Bank of Canada upped their price target on shares of ServiceNow from $985.00 to $1,045.00 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 increased their target price for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Finally, Robert W. Baird increased their price target on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $974.04.

Insider Buying and Selling

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the sale, the insider now directly owns 4,019 shares in the company, valued at approximately $3,319,372.48. This represents a 2.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,325 shares of company stock valued at $5,024,928. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 0.6 %

Shares of NYSE:NOW opened at $1,039.74 on Friday. The firm has a fifty day moving average price of $924.67 and a two-hundred day moving average price of $819.71. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,061.66. The company has a market cap of $214.19 billion, a price-to-earnings ratio of 161.70, a PEG ratio of 6.00 and a beta of 0.98. 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 announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $2.75 billion. During the same period last year, the firm earned $1.21 EPS. The company’s revenue was up 22.2% on a year-over-year basis. Analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

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.