Brasada Capital Management LP Boosts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Brasada Capital Management LP has increased its holdings in ServiceNow, Inc. by 76.1%, now owning 7,290 shares valued at approximately $5.3 million.
• ServiceNow reported a quarterly earnings increase of 22.4% year-over-year, with an EPS of $4.09, surpassing analysts' expectations.
• Institutional investors hold 87.18% of ServiceNow's stock, reflecting strong institutional interest in the company.

Brasada Capital Management LP raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 76.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,290 shares of the information technology services provider's stock after acquiring an additional 3,151 shares during the period. ServiceNow makes up approximately 1.0% of Brasada Capital Management LP's holdings, making the stock its 29th biggest holding. Brasada Capital Management LP's holdings in ServiceNow were worth $5,304,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Haverford Trust Co increased its position in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after buying an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. increased its position in shares of ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares in the last quarter. Integrated Investment Consultants LLC increased its position in shares of ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after buying an additional 11 shares in the last quarter. one8zero8 LLC increased its position in shares of ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after buying an additional 11 shares in the last quarter. Finally, Capital Investment Advisory Services LLC boosted its stake in shares of ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after acquiring an additional 12 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 0.5%

NYSE NOW traded down $4.53 on Tuesday, reaching $912.93. 1,247,453 shares of the company were exchanged, compared to its average volume of 1,716,528. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The business's fifty day moving average price is $944.66 and its 200 day moving average price is $924.23. The stock has a market capitalization of $189.89 billion, a P/E ratio of 114.98, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $3.12 billion. During the same quarter in the prior year, the company posted $3.13 EPS. The company's quarterly revenue was up 22.4% on a year-over-year basis. Analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NOW shares. Royal Bank Of Canada lifted their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday. UBS Group lowered their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Mizuho lifted 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. Finally, Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. One research 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 issued a Sell rating to the company. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at $10,594,950.60. This represents a 12.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 1,585 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the transaction, the chief executive officer directly owned 12,439 shares in the company, valued at approximately $11,195,100. This trade represents a 11.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,054 shares of company stock worth $10,706,530. 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.