13,613 Shares in ServiceNow, Inc. $NOW Purchased by AMG National Trust Bank

Key Points

• AMG National Trust Bank acquired 13,613 ServiceNow shares in the second quarter, valued at approximately $1.35 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported better-than-expected quarterly results, with EPS of $0.90 versus the $0.86 consensus estimate and revenue of $3.99 billion, up 24% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $143.76, although ratings range from “Strong Buy” to “Sell.”

AMG National Trust Bank acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 13,613 shares of the information technology services provider's stock, valued at approximately $1,351,000.

Several other institutional investors have also added to or reduced their stakes in NOW. Covenant Asset Management LLC raised its position in shares of ServiceNow by 169.2% during the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider's stock valued at $3,196,000 after buying an additional 13,114 shares in the last quarter. Norges Bank purchased a new position in ServiceNow in the fourth quarter worth $2,020,992,000. World Investment Advisors grew its position in ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock worth $7,346,000 after acquiring an additional 38,583 shares in the last quarter. Moors & Cabot Inc. increased its stake in ServiceNow by 387.7% in the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock valued at $6,990,000 after acquiring an additional 36,274 shares during the last quarter. Finally, Torray Investment Partners LLC raised its position in ServiceNow by 390.5% during the fourth quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider's stock valued at $6,224,000 after purchasing an additional 32,345 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 0.1%

NOW opened at $124.08 on Monday. The company has a market cap of $128.29 billion, a P/E ratio of 77.55, a P/E/G ratio of 2.18 and a beta of 0.94. The business's 50-day moving average price is $107.08 and its 200-day moving average price is $105.59. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.93 billion. During the same period in the prior year, the business posted $0.81 EPS. ServiceNow's quarterly revenue was up 24.0% compared to the same quarter last year. On average, equities analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NOW shares. Weiss Ratings lowered ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, July 10th. Jefferies Financial Group reiterated a "buy" rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Canaccord Genuity Group decreased their price objective on ServiceNow from $200.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 23rd. Stifel Nicolaus dropped their target price on ServiceNow from $135.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday, April 23rd. Finally, Wolfe Research set a $125.00 target price on ServiceNow in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $143.76.

About ServiceNow

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source