Clarity Financial LLC Makes New $8.24 Million Investment in ServiceNow, Inc. $NOW

Key Points

• Clarity Financial LLC has invested approximately $8.24 million in ServiceNow, Inc. by acquiring 8,018 shares of the company, as reported in their recent 13F filing with the SEC.
• Insider transactions revealed significant sales, with Director Anita M. Sands selling 1,097 shares for over $1 million and Vice Chairman Nicholas Tzitzon selling 1,719 shares for approximately $1.49 million, resulting in a decrease in their ownership stakes.
• ServiceNow reported strong quarterly earnings, exceeding analysts' expectations with $4.09 EPS and $3.22 billion in revenue, showcasing a year-over-year revenue growth of 22.4%.

Clarity Financial LLC purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 8,018 shares of the information technology services provider's stock, valued at approximately $8,243,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bogart Wealth LLC boosted its holdings in ServiceNow by 113.3% in the 1st 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 period. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the 1st quarter worth approximately $26,000. WASHINGTON TRUST Co boosted its holdings in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares during the period. Global X Japan Co. Ltd. purchased a new position in shares of ServiceNow during the 2nd quarter valued at approximately $30,000. Finally, Dagco Inc. purchased a new position in shares of ServiceNow during the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the sale, the director directly owned 9,307 shares of the company's stock, valued at $8,516,928.77. This trade represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 over the last three months. 0.38% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

Shares of NOW opened at $912.13 on Thursday. The business's fifty day moving average price is $917.56 and its 200 day moving average price is $928.31. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market capitalization of $189.72 billion, a PE ratio of 114.88, a price-to-earnings-growth ratio of 4.15 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

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 (EPS) for the quarter, topping 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 firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the business posted $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on NOW. Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Guggenheim reiterated a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. UBS Group reduced their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Finally, Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,122.20.

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.

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