Clarus Group Inc. Invests $350,000 in ServiceNow, Inc. $NOW

Key Points

• Clarus Group Inc. has invested $350,000 in ServiceNow, Inc., acquiring 340 shares during the second quarter.
• ServiceNow's earnings report indicated an EPS of $4.09, surpassing analysts' expectations and showcasing a revenue increase of 22.4% year-over-year.
• Institutional investors hold 87.18% of ServiceNow's stock, with several firms, such as GAMMA Investing LLC, significantly increasing their shares in the first quarter.

Clarus Group Inc. acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 340 shares of the information technology services provider's stock, valued at approximately $350,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC increased its holdings in ServiceNow by 87,501.3% in 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 buying an additional 2,686,291 shares during the period. Nuveen LLC bought a new position in ServiceNow in the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares during the period. Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after buying an additional 840,731 shares during the period. Finally, Parnassus Investments LLC bought a new position in ServiceNow in the 1st quarter valued at about $519,806,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 0.6%

NOW opened at $932.85 on Thursday. 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 debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $194.03 billion, a price-to-earnings ratio of 117.49, a PEG ratio of 4.18 and a beta of 0.91. The company's 50 day moving average price is $921.07 and its two-hundred day moving average price is $924.60.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the firm posted $3.13 EPS. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anita M. Sands sold 1,097 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,976 shares of company stock worth $17,049,775. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NOW shares. DA Davidson upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Guggenheim reiterated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. UBS Group lowered their price objective 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, BMO Capital Markets upped their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

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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