Concurrent Investment Advisors LLC Raises Holdings in ServiceNow, Inc. $NOW

Key Points

• Concurrent Investment Advisors LLC increased its holdings in ServiceNow, Inc. by 10.5% during the second quarter, now owning 4,206 shares valued at approximately $4.32 million.
• Despite a recent stock price decline, ServiceNow reported a strong earnings performance, with $4.09 EPS for the last quarter, surpassing expectations with a revenue of $3.22 billion.
• The company's stock has a consensus rating of "Moderate Buy", with analysts targeting a price of approximately $1,122.20.

Concurrent Investment Advisors LLC grew its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,206 shares of the information technology services provider's stock after purchasing an additional 399 shares during the quarter. Concurrent Investment Advisors LLC's holdings in ServiceNow were worth $4,324,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of ServiceNow during the first quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of 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 during the period. Goldman Sachs Group Inc. boosted its stake in shares of 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 during the period. Parnassus Investments LLC acquired a new stake in shares of ServiceNow during the first quarter worth about $519,806,000. Finally, Amundi boosted its stake in shares of 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 during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Up 3.9%

Shares of ServiceNow stock opened at $923.44 on Tuesday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $192.07 billion, a PE ratio of 116.30, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92. The company has a 50-day moving average of $909.24 and a two-hundred day moving average of $933.88.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the company posted $3.13 earnings per share. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity

In related news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction 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 $6,062,590.82. The trade was a 46.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at $10,594,950.60. This represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Guggenheim reiterated a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Bank of America raised their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, JMP Securities restated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. One research 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 assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus 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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