Callan Family Office LLC Raises Position in ServiceNow, Inc. $NOW

Key Points

• Callan Family Office LLC increased its stake in ServiceNow, Inc. by 163.5% in Q2, holding 14,467 shares valued at approximately $14.87 million.
• Analyst ratings for ServiceNow reflect a positive outlook, with multiple firms raising their target prices, including Needham & Company, which increased its target from $1,050 to $1,200.
• ServiceNow reported solid earnings with $4.09 EPS for the quarter, surpassing expectations and showing a 22.4% year-over-year revenue growth.

Callan Family Office LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 163.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,467 shares of the information technology services provider's stock after buying an additional 8,977 shares during the period. Callan Family Office LLC's holdings in ServiceNow were worth $14,873,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. Brighton Jones LLC increased its stake 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 purchasing an additional 30 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of ServiceNow by 10.0% during the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after purchasing an additional 308 shares in the last quarter. MV Capital Management Inc. increased its stake in shares of ServiceNow by 65.7% during the first quarter. MV Capital Management Inc. now owns 290 shares of the information technology services provider's stock valued at $231,000 after purchasing an additional 115 shares in the last quarter. CX Institutional increased its stake in shares of ServiceNow by 5.8% during the first quarter. CX Institutional now owns 1,149 shares of the information technology services provider's stock valued at $915,000 after purchasing an additional 63 shares in the last quarter. Finally, Axecap Investments LLC increased its stake in shares of ServiceNow by 17.8% during the first quarter. Axecap Investments LLC now owns 5,118 shares of the information technology services provider's stock valued at $4,075,000 after purchasing an additional 773 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. Needham & Company LLC raised their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Citigroup raised their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. UBS Group reduced 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 research report on Thursday, July 24th. Finally, Wells Fargo & Company raised their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,122.20.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on 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 owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,737 shares of company stock worth $16,798,825. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.3%

Shares of NOW stock opened at $917.21 on Friday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month 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's 50 day moving average is $909.72 and its 200 day moving average is $931.43. The stock has a market capitalization of $190.78 billion, a P/E ratio of 115.52, a P/E/G ratio of 4.12 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last issued 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. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the company posted $3.13 earnings per share. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.

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