Brendel Financial Advisors LLC Buys 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 bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 291 shares of the information technology services provider's stock, valued at approximately $299,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock valued at $2,263,519,000 after purchasing an additional 188,292 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Nuveen LLC purchased a new position in shares of ServiceNow during the 1st quarter valued at approximately $1,817,535,000. Finally, Alliancebernstein L.P. increased its holdings in ServiceNow by 16.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock worth $1,379,461,000 after acquiring an additional 242,132 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

NOW traded up $15.47 on Friday, hitting $963.21. 2,806,372 shares of the company's stock were exchanged, compared to its average volume of 1,416,023. 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 current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $922.60 and a 200-day moving average price of $923.43. The stock has a market cap of $200.35 billion, a price-to-earnings ratio of 121.31, a P/E/G ratio of 4.33 and a beta of 0.91.

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, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 EPS. The firm's quarterly revenue was up 22.4% on a year-over-year basis. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NOW shares. UBS Group cut their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Mizuho boosted their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Bank of America boosted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Finally, Barclays set a $1,210.00 price target on shares of ServiceNow in a 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 given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Activity

In other news, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction dated Monday, August 18th. The shares were 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 in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. Insiders own 0.38% of the company's stock.

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.