Commonwealth Equity Services LLC Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Commonwealth Equity Services LLC increased its stock position in ServiceNow, Inc. by 9.9% in the first quarter, owning a total of 54,303 shares valued at $43.2 million.
• Insider transactions revealed that Vice Chairman Nicholas Tzitzon sold 1,171 shares for approximately $1.19 million, marking a significant decrease in his position.
• ServiceNow reported $4.09 earnings per share for the last quarter, exceeding analysts' expectations of $3.57, with revenue increasing 22.4% year-over-year.

Commonwealth Equity Services LLC grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,303 shares of the information technology services provider's stock after purchasing an additional 4,906 shares during the period. Commonwealth Equity Services LLC's holdings in ServiceNow were worth $43,232,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in NOW. Bogart Wealth LLC raised 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 valued at $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the first quarter worth about $26,000. Quarry LP purchased a new stake in ServiceNow during the fourth quarter worth about $27,000. WASHINGTON TRUST Co increased its holdings in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares during the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lawrence Jackson sold 757 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the sale, the director owned 588 shares of the company's stock, valued at $582,414. This represents a 56.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,990 shares of company stock worth $6,047,567 over the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.8%

Shares of NOW opened at $922.02 on Tuesday. The firm has a market cap of $191.78 billion, a price-to-earnings ratio of 116.12, a PEG ratio of 4.12 and a beta of 0.93. 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, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a 50 day moving average price of $993.22 and a 200-day moving average price of $948.24.

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, 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the business posted $3.13 EPS. The business's quarterly revenue was up 22.4% on a year-over-year basis. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NOW shares. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Raymond James Financial raised their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, July 29th. Finally, Evercore ISI raised their price objective on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

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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