Bowie Capital Management LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Bowie Capital Management LLC has acquired a new stake in ServiceNow, purchasing 26,141 shares valued at approximately $20.8 million, making it the 20th largest position in its portfolio.
• ServiceNow posted $4.09 earnings per share for the last quarter, exceeding analyst expectations of $3.57, while revenue grew 22.4% year-over-year.
• Analysts have set a range of new price targets for ServiceNow, with JPMorgan lowering their target to $970, while Wells Fargo raised theirs to $1,225, indicating mixed sentiment on the stock.

Bowie Capital Management LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 26,141 shares of the information technology services provider's stock, valued at approximately $20,812,000. ServiceNow makes up 1.0% of Bowie Capital Management LLC's holdings, making the stock its 20th biggest position.

A number of other hedge funds have also recently bought and sold shares of NOW. Edgemoor Investment Advisors Inc. lifted its holdings in shares of ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares during the last quarter. Integrated Investment Consultants LLC lifted its position in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after acquiring an additional 11 shares in the last quarter. one8zero8 LLC boosted its stake 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 during the period. Capital Investment Advisory Services LLC raised its stake in ServiceNow by 2.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after purchasing an additional 12 shares during the period. Finally, Argent Trust Co raised its stake in ServiceNow by 0.4% during the 1st quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock valued at $2,677,000 after purchasing an additional 12 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NYSE:NOW opened at $866.89 on Friday. The firm has a market cap of $180.31 billion, a PE ratio of 109.18, a price-to-earnings-growth ratio of 3.83 and a beta of 0.93. 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. The business has a 50 day moving average price of $967.03 and a 200-day moving average price of $935.06.

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 analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.13 earnings per share. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NOW. JPMorgan Chase & Co. lowered their price target on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Oppenheimer reaffirmed an "outperform" rating and set a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. UBS Group cut their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anita M. Sands sold 239 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total value of $250,950.00. Following the transaction, the director owned 10,404 shares of the company's stock, valued at approximately $10,924,200. This represents a 2.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,738 shares of company stock valued at $5,713,973. Corporate insiders own 0.38% of the company's stock.

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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