526 Shares in ServiceNow, Inc. $NOW Bought by Deltec Asset Management LLC

Key Points

• Deltec Asset Management LLC acquired 526 shares of ServiceNow, Inc. valued at approximately $541,000 in the second quarter, contributing to a trend of increased institutional investment in the company.
• ServiceNow's stock opened at $920.51 and reported a significant increase in quarterly revenue, reaching $3.22 billion, up 22.4% year-over-year, surpassing analyst estimates.
• Analysts maintain a generally positive outlook on ServiceNow, with an average price target of $1,122.20 and a consensus rating of "Moderate Buy."

Deltec Asset Management LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 526 shares of the information technology services provider's stock, valued at approximately $541,000.

A number of other large investors have also modified their holdings of NOW. Nuveen LLC acquired a new stake in shares of ServiceNow in the 1st quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of 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 valued at $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of 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 valued at $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Parnassus Investments LLC acquired a new position in ServiceNow during the first quarter worth about $519,806,000. Finally, Amundi grew its holdings in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after acquiring an additional 626,623 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Down 2.2%

Shares of ServiceNow stock opened at $920.51 on Wednesday. The firm has a market cap of $191.47 billion, a price-to-earnings ratio of 115.93, a P/E/G ratio of 4.24 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock has a 50-day simple moving average of $918.47 and a 200-day simple moving average of $928.42.

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 for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the company earned $3.13 EPS. The company's revenue for the quarter was up 22.4% on a year-over-year basis. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Guggenheim reissued a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Citigroup lifted their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Jefferies Financial Group lifted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, BMO Capital Markets lifted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $1,122.20.

Insider Transactions at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the transaction, the insider owned 457 shares of the company's stock, valued at $409,037.85. The trade was a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is currently owned by company insiders.

ServiceNow 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.

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