Kennicott Capital Management LLC Invests $377,000 in ServiceNow, Inc. (NYSE:NOW)

Kennicott Capital Management LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 534 shares of the information technology services provider’s stock, valued at approximately $377,000.

Several other hedge funds have also recently bought and sold shares of the business. Wealth Management Partners LLC raised its holdings in ServiceNow by 2.7% in the fourth quarter. Wealth Management Partners LLC now owns 531 shares of the information technology services provider’s stock valued at $375,000 after buying an additional 14 shares during the period. Oliver Lagore Vanvalin Investment Group grew its position in ServiceNow by 30.4% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock valued at $42,000 after acquiring an additional 14 shares in the last quarter. Trust Co. of Vermont grew its position in ServiceNow by 8.6% in the third quarter. Trust Co. of Vermont now owns 190 shares of the information technology services provider’s stock valued at $106,000 after acquiring an additional 15 shares in the last quarter. Claro Advisors LLC grew its position in ServiceNow by 3.6% in the fourth quarter. Claro Advisors LLC now owns 428 shares of the information technology services provider’s stock valued at $302,000 after acquiring an additional 15 shares in the last quarter. Finally, Country Club Bank GFN grew its position in ServiceNow by 1.6% in the fourth quarter. Country Club Bank GFN now owns 951 shares of the information technology services provider’s stock valued at $668,000 after acquiring an additional 15 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In related news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now directly owns 994 shares of the company’s stock, valued at $776,373.64. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other ServiceNow news, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the sale, the insider now owns 994 shares in the company, valued at approximately $776,373.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock valued at $9,940,303 over the last three months. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wells Fargo & Company increased their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Mizuho raised their price target on shares of ServiceNow from $750.00 to $820.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Citigroup raised their price target on shares of ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. JMP Securities reissued a “market outperform” rating and set a $825.00 price target on shares of ServiceNow in a research report on Tuesday. Finally, Piper Sandler raised their price target on shares of ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $780.37.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $19.00 during midday trading on Tuesday, reaching $740.95. 1,056,076 shares of the company traded hands, compared to its average volume of 1,178,383. ServiceNow, Inc. has a 52 week low of $427.68 and a 52 week high of $815.32. The stock has a 50-day moving average price of $762.24 and a 200 day moving average price of $706.46. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market cap of $152.18 billion, a price-to-earnings ratio of 88.10, a PEG ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The company’s revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.88 earnings per share. Sell-side analysts anticipate that ServiceNow, Inc. will post 6.16 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.