Brookwood Investment Group LLC Invests $662,000 in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Brookwood Investment Group LLC invested approximately $662,000 in ServiceNow, acquiring 831 shares during the first quarter.
• Analyst ratings for ServiceNow show a consensus target price of $1,114.87, with a majority of analysts rating it as a "buy" or "overweight."
• ServiceNow's stock recently traded down 2.8% to $968.05, while the company posted a revenue increase of 22.4% year-over-year for the last quarter.

Brookwood Investment Group LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 831 shares of the information technology services provider's stock, valued at approximately $662,000.

Several other hedge funds have also made changes to their positions in the business. Bogart Wealth LLC raised its holdings in ServiceNow by 113.3% during 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. purchased a new stake in shares of ServiceNow during the 1st quarter worth $26,000. Quarry LP purchased a new stake in shares of ServiceNow during the 4th quarter worth $27,000. WASHINGTON TRUST Co raised its stake in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares during the last quarter. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the 4th quarter worth $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 1.5%

Shares of NOW stock traded up $14.39 on Monday, reaching $983.18. 637,928 shares of the stock were exchanged, compared to its average volume of 1,689,161. The stock has a market cap of $203.50 billion, a PE ratio of 123.72, a P/E/G ratio of 4.42 and a beta of 0.94. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a 50 day moving average price of $1,000.33 and a 200 day moving average price of $951.85.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Royal Bank Of Canada boosted their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Guggenheim reissued a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Jefferies Financial Group boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday. Mizuho boosted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Finally, Canaccord Genuity Group lowered their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the sale, the director directly owned 10,404 shares of the company's stock, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,233 shares of company stock valued at $5,297,758 over the last quarter. 0.38% of the stock is currently owned by corporate insiders.

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.