Brookstone Capital Management Raises Holdings in ServiceNow, Inc. $NOW

Brookstone Capital Management lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 6.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 97,229 shares of the information technology services provider’s stock after purchasing an additional 6,071 shares during the period. Brookstone Capital Management’s holdings in ServiceNow were worth $10,165,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in ServiceNow by 404.5% in the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after purchasing an additional 81,752,460 shares during the last quarter. State Street Corp increased its position in ServiceNow by 406.6% in the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after acquiring an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD increased its position in ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after acquiring an additional 25,517,218 shares during the period. Geode Capital Management LLC raised its stake in ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after acquiring an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley raised its stake in ServiceNow by 335.6% during the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock valued at $3,482,543,000 after acquiring an additional 17,514,679 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Weiss Ratings downgraded ServiceNow from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, April 21st. BMO Capital Markets decreased their price target on ServiceNow from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. The Goldman Sachs Group lowered their price objective on shares of ServiceNow from $188.00 to $163.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. KeyCorp set a $85.00 price objective on shares of ServiceNow and gave the company an “underweight” rating in a research note on Thursday, April 23rd. Finally, Evercore raised their target price on shares of ServiceNow from $140.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $142.17.

ServiceNow Stock Performance

NYSE:NOW opened at $92.96 on Tuesday. The firm’s fifty day simple moving average is $99.62 and its 200-day simple moving average is $116.97. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a market cap of $95.84 billion, a PE ratio of 55.40, a price-to-earnings-growth ratio of 1.58 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $211.48.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 earnings per share. Analysts expect that ServiceNow, Inc. will post 2.34 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other news, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the completion of the sale, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 8,927 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $89.60, for a total value of $799,859.20. Following the sale, the insider directly owned 29,531 shares in the company, valued at $2,645,977.60. This trade represents a 23.21% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 28,071 shares of company stock valued at $2,529,956. 0.34% of the stock is currently owned by corporate insiders.

ServiceNow Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.