111 Capital Makes New Investment in ServiceNow, Inc. $NOW

Key Points

• 111 Capital has invested approximately $1.29 million in ServiceNow, acquiring 1,252 shares, as disclosed in their recent SEC filing.
• Analysts have varying opinions on ServiceNow, with Morgan Stanley raising its target price to $1,250 while Guggenheim maintains a sell rating with a target of $724.
• ServiceNow reported earnings of $4.09 per share, exceeding analyst estimates by $0.52, and its revenue increased by 22.4% year-over-year.

111 Capital bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,252 shares of the information technology services provider's stock, valued at approximately $1,287,000.

A number of other hedge funds have also bought and sold shares of the company. Global X Japan Co. Ltd. bought a new stake in ServiceNow in the second quarter worth approximately $30,000. Bogart Wealth LLC increased its holdings in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the 1st quarter valued at $26,000. WASHINGTON TRUST Co increased its stake in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares in the last quarter. Finally, Dagco Inc. bought a new stake in ServiceNow in the first quarter valued at $33,000. Institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

NOW has been the subject of a number of research analyst reports. Morgan Stanley raised ServiceNow from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Guggenheim restated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Mizuho boosted their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. UBS Group decreased their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Finally, JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,122.20.

ServiceNow Trading Up 0.2%

Shares of ServiceNow stock opened at $911.75 on Friday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $189.64 billion, a P/E ratio of 114.83, a price-to-earnings-growth ratio of 4.10 and a beta of 0.92. The stock has a fifty day simple moving average of $914.67 and a 200 day simple moving average of $929.33.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. The business's revenue was up 22.4% compared to the same quarter last year. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock worth $16,798,825 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.