Beacon Investment Advisory Services Inc. Has $1.61 Million Stake in ServiceNow, Inc. $NOW

Key Points

• Beacon Investment Advisory Services Inc. reduced its stake in ServiceNow by 40.2%, now holding 1,570 shares valued at approximately $1.61 million.
• ServiceNow's recent quarterly earnings exceeded expectations, reporting $4.09 EPS on revenue of $3.22 billion, reflecting a year-over-year revenue growth of 22.4%.
• Analyst ratings for ServiceNow show broad confidence, with thirty analysts$1,122.20.

Beacon Investment Advisory Services Inc. decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 40.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,570 shares of the information technology services provider's stock after selling 1,054 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in ServiceNow were worth $1,614,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in NOW. Bogart Wealth LLC grew its position in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow in the first quarter valued at approximately $26,000. WASHINGTON TRUST Co grew its position in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the last quarter. Global X Japan Co. Ltd. acquired a new position in shares of ServiceNow in the second quarter valued at approximately $30,000. Finally, Dagco Inc. acquired a new position in shares of ServiceNow in the first quarter valued at approximately $33,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Ratings Changes

NOW has been the topic of a number of analyst reports. Barclays set a $1,210.00 price target on ServiceNow in a research report on Thursday, July 24th. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. UBS Group reduced their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research report on Thursday, July 24th. 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 report on Thursday, July 24th. 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 report on Thursday, June 12th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Trading Up 0.6%

Shares of NOW stock opened at $932.85 on Thursday. The stock's fifty day moving average price is $921.07 and its two-hundred day moving average price is $924.60. The company has a market cap of $194.03 billion, a PE ratio of 117.49, a P/E/G ratio of 4.18 and a beta of 0.91. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

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

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm'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 sale, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock worth $17,049,775 over the last 90 days. 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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.