Brendel Financial Advisors LLC Acquires Shares of 291 ServiceNow, Inc. $NOW

Key Points

• Brendel Financial Advisors LLC has made a significant investment, purchasing 291 shares of ServiceNow, Inc. for approximately $299,000 during the second quarter.
• ServiceNow's quarterly earnings exceeded expectations, reporting $4.09 earnings per share against estimates of $3.57, with a revenue increase of 22.4% year-over-year.
• Insider trading activity included Director Anita M. Sands selling 1,097 shares for over $1 million, representing a 10.54% decrease in ownership, while institutional investors now hold 87.18% of the company's stock.

Brendel Financial Advisors LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 291 shares of the information technology services provider's stock, valued at approximately $299,000.

A number of other institutional investors have also recently made changes to their positions in NOW. Brighton Jones LLC increased its holdings in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares in the last quarter. Two Sigma Investments LP increased its holdings in ServiceNow by 1.5% in the 4th quarter. Two Sigma Investments LP now owns 4,405 shares of the information technology services provider's stock worth $4,670,000 after buying an additional 67 shares in the last quarter. Waverly Advisors LLC increased its holdings in ServiceNow by 110.0% in the 4th quarter. Waverly Advisors LLC now owns 1,842 shares of the information technology services provider's stock worth $1,953,000 after buying an additional 965 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in ServiceNow in the 4th quarter worth about $19,944,000. Finally, Focus Partners Advisor Solutions LLC boosted its position in ServiceNow by 78.1% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 1,617 shares of the information technology services provider's stock worth $1,714,000 after purchasing an additional 709 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of several research reports. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Piper Sandler lifted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. UBS Group lowered their price objective 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. DA Davidson lifted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Barclays set a $1,210.00 price objective on ServiceNow in a research report 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 issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. This represents a 36.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value 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 represents a 46.83% decrease in their ownership of the stock. 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. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Down 1.0%

Shares of NYSE NOW traded down $9.32 during mid-day trading on Tuesday, reaching $938.46. 448,532 shares of the company were exchanged, compared to its average volume of 1,689,035. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $195.20 billion, a price-to-earnings ratio of 118.10, a P/E/G ratio of 4.33 and a beta of 0.91. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The firm has a 50-day moving average of $922.33 and a 200 day moving average of $924.52.

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

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.