Argent Capital Management LLC Buys 11,510 Shares of ServiceNow, Inc. $NOW

Key Points

• Argent Capital Management LLC increased its stake in ServiceNow by 21.7%, now holding 64,486 shares valued at approximately $66.3 million.
• Institutional investors collectively own 87.18% of ServiceNow's stock, with recent significant acquisitions from GAMMA Investing LLC and Nuveen LLC.
• Analysts have set a consensus price target of $1,115.20 for ServiceNow shares, with a majority rating the stock as a "Buy."

Argent Capital Management LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,486 shares of the information technology services provider's stock after acquiring an additional 11,510 shares during the period. ServiceNow accounts for about 1.9% of Argent Capital Management LLC's holdings, making the stock its 22nd biggest position. Argent Capital Management LLC's holdings in ServiceNow were worth $66,297,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its position 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 position in shares of ServiceNow during the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% in the 1st 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 acquiring an additional 840,731 shares during the last quarter. Finally, Parnassus Investments LLC bought a new stake in ServiceNow in the 1st quarter valued at about $519,806,000. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NOW shares. Mizuho lifted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. DA Davidson boosted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Raymond James Financial raised their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, BMO Capital Markets raised their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Trading Down 1.3%

Shares of NOW stock opened at $948.49 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a fifty day simple moving average of $922.33 and a two-hundred day simple moving average of $924.52. The firm has a market capitalization of $197.29 billion, a PE ratio of 119.46, a PEG ratio of 4.33 and a beta of 0.91. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the business earned $3.13 earnings per share. The business's revenue was up 22.4% on a year-over-year basis. On average, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the sale, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the business's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 over the last ninety days. 0.38% of the stock is owned by company 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.

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