Castle Rock Wealth Management LLC Acquires 971 Shares of ServiceNow, Inc. $NOW

Key Points

• Castle Rock Wealth Management LLC increased its shares in ServiceNow, Inc. by 54.9% in Q2, acquiring an additional 971 shares, bringing its total holdings to 2,739 shares worth approximately $2.64 million.
• Institutional investors now own 87.18% of ServiceNow's stock, with significant stakes acquired by firms including Nuveen LLC and Goldman Sachs Group Inc.
• ServiceNow reported a 22.4% increase in quarterly revenue, totaling $3.22 billion, which exceeded analysts' expectations, along with an EPS of $4.09 surpassing projected estimates.

Castle Rock Wealth Management LLC raised its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 54.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,739 shares of the information technology services provider's stock after buying an additional 971 shares during the quarter. Castle Rock Wealth Management LLC's holdings in ServiceNow were worth $2,639,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in NOW. Nuveen LLC bought a new stake in shares of ServiceNow during the 1st quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after buying an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. grew its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after buying an additional 840,731 shares in the last quarter. Parnassus Investments LLC purchased a new position in ServiceNow during the first quarter worth about $519,806,000. Finally, Amundi grew its position in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after buying an additional 626,623 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was 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 approximately $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 18,737 shares of company stock worth $16,798,825 in the last quarter. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $905.41 on Wednesday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock's fifty day moving average is $911.49 and its 200 day moving average is $931.09. The stock has a market cap of $188.32 billion, a P/E ratio of 114.03, a P/E/G ratio of 4.11 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $3.12 billion. During the same period last year, the firm earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. Oppenheimer reiterated an "outperform" rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. Finally, Wells Fargo & Company upped their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $1,122.20.

About ServiceNow

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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