1,879 Shares in ServiceNow, Inc. $NOW Acquired by Alaethes Wealth LLC

Key Points

• Alaethes Wealth LLC has acquired 1,879 shares of ServiceNow, valued at approximately $1.5 million, as reported in their latest SEC filing.
• ServiceNow reported a 22.4% increase in quarterly revenue, reaching $3.22 billion, and exceeded analysts' EPS estimates, achieving $4.09 per share.
• Institutional investors own 87.18% of ServiceNow's stock, and several hedge funds have significantly increased their stakes in the company during the first quarter.

Alaethes Wealth LLC acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,879 shares of the information technology services provider's stock, valued at approximately $1,496,000.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. GAMMA Investing LLC increased its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. Nuveen LLC bought a new stake in ServiceNow during the first quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the period. Goldman Sachs Group Inc. boosted its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the period. Finally, Parnassus Investments LLC bought a new stake in ServiceNow during the first quarter worth approximately $519,806,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

ServiceNow stock opened at $940.05 on Tuesday. The stock has a 50-day simple moving average of $935.00 and a 200 day simple moving average of $922.21. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market capitalization of $195.53 billion, a price-to-earnings ratio of 118.39, a P/E/G ratio of 4.12 and a beta of 0.91.

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

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction dated 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. The trade was a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 over the last three months. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on NOW shares. Citigroup upped their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. UBS Group decreased their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Piper Sandler increased their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Barclays set a $1,210.00 price objective on ServiceNow in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

About ServiceNow

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.

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