Montecito Bank & Trust Buys New Stake in ServiceNow, Inc. (NYSE:NOW)

Montecito Bank & Trust bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, HoldingsChannel.com reports. The firm bought 578 shares of the information technology services provider’s stock, valued at approximately $613,000.

A number of other hedge funds also recently bought and sold shares of the company. Veracity Capital LLC boosted its stake in ServiceNow by 4.6% during the 4th quarter. Veracity Capital LLC now owns 1,030 shares of the information technology services provider’s stock valued at $1,092,000 after purchasing an additional 45 shares during the period. Secure Asset Management LLC acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $503,000. Red Door Wealth Management LLC boosted its position in shares of ServiceNow by 6.5% in the fourth quarter. Red Door Wealth Management LLC now owns 7,901 shares of the information technology services provider’s stock valued at $8,376,000 after acquiring an additional 481 shares during the period. Galvin Gaustad & Stein LLC grew its stake in shares of ServiceNow by 4.7% in the fourth quarter. Galvin Gaustad & Stein LLC now owns 885 shares of the information technology services provider’s stock worth $938,000 after acquiring an additional 40 shares during the last quarter. Finally, Avior Wealth Management LLC increased its position in ServiceNow by 6.6% during the fourth quarter. Avior Wealth Management LLC now owns 633 shares of the information technology services provider’s stock worth $671,000 after acquiring an additional 39 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Guggenheim reissued a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday. Citigroup boosted their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Raymond James started coverage on ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. Finally, Robert W. Baird upped their target price on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,093.34.

ServiceNow Price Performance

NOW opened at $1,124.64 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market capitalization of $231.68 billion, a P/E ratio of 174.91, a price-to-earnings-growth ratio of 5.11 and a beta of 0.99. The company’s 50 day simple moving average is $1,074.80 and its 200-day simple moving average is $939.98. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,157.90.

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 analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the company earned $1.21 EPS. The business’s quarterly revenue was up 22.2% compared to the same quarter last year. Sell-side analysts anticipate that ServiceNow, Inc. will post 7.06 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the transaction, the director now directly owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock worth $21,016,751 over the last 90 days. Insiders own 0.25% of the company’s stock.

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.