AlphaQuest LLC Purchases 607 Shares of ServiceNow, Inc. $NOW

Key Points

• AlphaQuest LLC increased its stake in ServiceNow, Inc. by 489.5% during the first quarter, acquiring an additional 607 shares to hold a total of 731 shares valued at $582,000.
• ServiceNow's quarterly earnings exceeded analysts' expectations, reporting an EPS of $4.09 compared to estimates of $3.57, accompanied by a year-over-year revenue increase of 22.4%.
• Institutional investors own over 87% of ServiceNow's stock, indicating a strong interest from investment entities in the technology services provider.

AlphaQuest LLC grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 489.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 731 shares of the information technology services provider's stock after acquiring an additional 607 shares during the period. AlphaQuest LLC's holdings in ServiceNow were worth $582,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Edgemoor Investment Advisors Inc. grew its position in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC grew its position in ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC grew its position in ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares in the last quarter. Capital Investment Advisory Services LLC grew its position in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after buying an additional 12 shares during the period. Finally, Argent Trust Co grew its position in ServiceNow by 0.4% during the first quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock valued at $2,677,000 after buying an additional 12 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

ServiceNow stock opened at $880.2720 on Tuesday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The business has a fifty day moving average price of $952.50 and a 200-day moving average price of $927.48. 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 firm has a market capitalization of $183.10 billion, a P/E ratio of 110.87, a PEG ratio of 4.00 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping 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 firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned $3.13 earnings per share. The business's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the firm'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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 2,050 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,668 shares of company stock valued at $14,373,737. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Bank of America increased their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Guggenheim reiterated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Finally, Mizuho increased their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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.

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