Chesley Taft & Associates LLC Has $6.52 Million Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Chesley Taft & Associates LLC increased its holdings in ServiceNow, Inc. by 42% during the 2nd quarter, now owning 6,341 shares worth approximately $6.52 million.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' expectations and marking a 22.4% revenue increase year-over-year.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for ServiceNow, with a target price averaging around $1,115.20.

Chesley Taft & Associates LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 42.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,341 shares of the information technology services provider's stock after purchasing an additional 1,876 shares during the period. Chesley Taft & Associates LLC's holdings in ServiceNow were worth $6,519,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bogart Wealth LLC lifted its holdings in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow during the 1st quarter valued at approximately $26,000. WASHINGTON TRUST Co increased its position in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Dagco Inc. bought a new position in ServiceNow in the 1st quarter valued at approximately $33,000. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow in the fourth quarter valued at approximately $37,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 1.6%

Shares of NYSE NOW opened at $932.28 on Wednesday. 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 firm has a market cap of $193.91 billion, a PE ratio of 117.42, a P/E/G ratio of 4.27 and a beta of 0.91. The company's fifty day simple moving average is $923.80 and its 200 day simple moving average is $922.54. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.13 earnings per share. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the 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 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 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 transaction of $1,489,427.55. Following the transaction, the insider 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 quarter, insiders have sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NOW has been the subject of several research analyst reports. Guggenheim reiterated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Barclays set a $1,210.00 target price on ServiceNow in a report on Thursday, July 24th. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Citigroup boosted their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Needham & Company LLC raised their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

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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