Kovack Advisors Inc. Grows Holdings in ServiceNow, Inc. (NYSE:NOW)


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Kovack Advisors Inc. grew its position in ServiceNow, Inc. (NYSE:NOW) by 1.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,086 shares of the information technology services provider’s stock after acquiring an additional 111 shares during the period. Kovack Advisors Inc.’s holdings in ServiceNow were worth $3,900,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Pinnacle Associates Ltd. acquired a new position in shares of ServiceNow during the 2nd quarter valued at about $243,000. AQR Capital Management LLC boosted its position in shares of ServiceNow by 38.6% during the 2nd quarter. AQR Capital Management LLC now owns 62,745 shares of the information technology services provider’s stock worth $24,974,000 after purchasing an additional 17,475 shares during the period. B. Riley Wealth Management Inc. acquired a new stake in ServiceNow in the 2nd quarter valued at approximately $278,000. Orion Portfolio Solutions LLC raised its position in ServiceNow by 2.8% in the second quarter. Orion Portfolio Solutions LLC now owns 873 shares of the information technology services provider’s stock valued at $354,000 after purchasing an additional 24 shares during the period. Finally, Rockbridge Investment Management LCC acquired a new position in ServiceNow during the second quarter worth $41,000. 80.15% of the stock is currently owned by institutional investors and hedge funds.

In other ServiceNow news, insider Chirantan Jitendra Desai sold 1,562 shares of the business’s stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $520.45, for a total value of $812,942.90. Following the transaction, the insider now directly owns 30,642 shares of the company’s stock, valued at approximately $15,947,628.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederic B. Luddy sold 38,600 shares of the company’s stock in a transaction on Wednesday, December 2nd. The stock was sold at an average price of $526.23, for a total transaction of $20,312,478.00. Following the transaction, the director now owns 811 shares of the company’s stock, valued at approximately $426,772.53. The disclosure for this sale can be found here. Insiders have sold a total of 61,175 shares of company stock valued at $31,883,815 over the last ninety days. 0.72% of the stock is owned by insiders.

NYSE:NOW traded down $2.17 during trading hours on Thursday, reaching $519.54. 13,836 shares of the company’s stock were exchanged, compared to its average volume of 1,550,074. ServiceNow, Inc. has a 1-year low of $238.93 and a 1-year high of $566.74. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $101.36 billion, a price-to-earnings ratio of 147.79, a P/E/G ratio of 17.14 and a beta of 1.15. The company has a 50-day moving average of $536.72 and a 200 day moving average of $484.27.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 28th. The information technology services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.18. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.11 billion. ServiceNow had a net margin of 16.60% and a return on equity of 9.79%. Research analysts forecast that ServiceNow, Inc. will post 1.11 EPS for the current fiscal year.

Several equities research analysts recently issued reports on NOW shares. Stifel Nicolaus boosted their price objective on ServiceNow from $500.00 to $550.00 and gave the company a “buy” rating in a report on Monday, October 26th. KeyCorp began coverage on shares of ServiceNow in a research report on Monday, November 23rd. They set an “overweight” rating and a $620.00 price target on the stock. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $565.00 to $625.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. Raymond James upped their target price on shares of ServiceNow from $490.00 to $575.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 29th. Finally, Barclays raised their price target on shares of ServiceNow from $640.00 to $650.00 and gave the company an “overweight” rating in a research report on Wednesday, November 11th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $539.79.

ServiceNow Profile

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company offers information technology (IT) service management applications; and digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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