Proem Advisors LLC lifted its holdings in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 400.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,000 shares of the information technology services provider's stock after buying an additional 8,000 shares during the quarter. ServiceNow comprises 6.3% of Proem Advisors LLC's portfolio, making the stock its 5th biggest holding. Proem Advisors LLC's holdings in ServiceNow were worth $3,776,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Tortoise Investment Management LLC increased its position in ServiceNow by 55.0% in the second quarter. Tortoise Investment Management LLC now owns 62 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 22 shares during the period. High Net Worth Advisory Group LLC acquired a new position in shares of ServiceNow during the 1st quarter worth about $29,000. Vigilant Capital Management LLC grew its position in shares of ServiceNow by 300.0% during the 3rd quarter. Vigilant Capital Management LLC now owns 96 shares of the information technology services provider's stock worth $36,000 after buying an additional 72 shares during the period. Motco acquired a new position in shares of ServiceNow during the 3rd quarter worth about $37,000. Finally, Worth Asset Management LLC bought a new position in shares of ServiceNow during the 1st quarter valued at about $45,000. 86.31% of the stock is owned by institutional investors.
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Wall Street Analyst Weigh In
Several research firms have recently weighed in on NOW. Cowen lifted their price objective on ServiceNow from $520.00 to $530.00 and gave the company an "outperform" rating in a report on Thursday, January 26th. Canaccord Genuity Group boosted their target price on ServiceNow from $460.00 to $485.00 and gave the company a "buy" rating in a research note on Thursday, January 26th. Oppenheimer boosted their target price on ServiceNow from $450.00 to $500.00 and gave the company an "outperform" rating in a research note on Thursday, January 26th. UBS Group dropped their price objective on ServiceNow from $515.00 to $465.00 in a research note on Thursday, October 13th. Finally, BMO Capital Markets upped their price objective on ServiceNow from $475.00 to $500.00 and gave the stock an "outperform" rating in a research note on Thursday, January 26th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $517.47.
ServiceNow Price Performance
Shares of NOW stock traded up $16.69 on Thursday, hitting $490.50. 942,354 shares of the company's stock were exchanged, compared to its average volume of 2,043,113. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.11 and a quick ratio of 1.24. ServiceNow, Inc. has a 12 month low of $337.00 and a 12 month high of $621.41. The stock has a market cap of $99.08 billion, a P/E ratio of 296.13, a price-to-earnings-growth ratio of 6.01 and a beta of 0.99. The company has a 50 day moving average of $405.30 and a 200 day moving average of $416.59.
Insider Buying and Selling
In related news, insider Paul John Smith sold 134 shares of the company's stock in a transaction on Monday, November 14th. The stock was sold at an average price of $396.26, for a total transaction of $53,098.84. Following the completion of the sale, the insider now directly owns 1,987 shares in the company, valued at approximately $787,368.62. The sale was disclosed in a filing with the SEC, which is available through this link. In other ServiceNow news, insider Lara Caimi sold 672 shares of the stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $415.43, for a total value of $279,168.96. Following the completion of the transaction, the insider now directly owns 43 shares in the company, valued at $17,863.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul John Smith sold 134 shares of the stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $396.26, for a total value of $53,098.84. Following the completion of the transaction, the insider now owns 1,987 shares of the company's stock, valued at $787,368.62. The disclosure for this sale can be found here. Insiders sold a total of 11,960 shares of company stock worth $4,893,041 in the last ninety days. 0.28% of the stock is owned by insiders.
About ServiceNow
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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. It offers its solutions for the industries under the categories of government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil & gas, education, and consumer products.
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