Eagle Strategies LLC Increases Stock Position in ServiceNow, Inc. $NOW

Key Points

• Eagle Strategies LLC significantly increased its stake in ServiceNow, Inc. by 225.9%, now holding shares worth approximately $3.1 million.
• Insiders at ServiceNow, including the General Counsel and CEO, have sold substantial amounts of stock recently, indicating a decrease in both their ownership and confidence.
• Equity analysts have raised their price targets for ServiceNow, with several firms giving it a "buy" rating, indicating strong potential for growth in the current fiscal year.

Eagle Strategies LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 225.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,015 shares of the information technology services provider's stock after buying an additional 2,090 shares during the period. Eagle Strategies LLC's holdings in ServiceNow were worth $3,100,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bogart Wealth LLC boosted its position in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the 1st quarter valued at $26,000. WASHINGTON TRUST Co boosted 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 valued at $29,000 after buying an additional 31 shares during the period. Global X Japan Co. Ltd. purchased a new stake in ServiceNow during the 2nd quarter valued at $30,000. Finally, Dagco Inc. purchased a new stake in ServiceNow during the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock worth $16,798,825 in the last 90 days. Insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Needham & Company LLC increased their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. 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 report on Thursday, July 24th. Bank of America upped their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Cantor Fitzgerald restated an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. Finally, Citigroup upped their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Stock Up 1.1%

Shares of ServiceNow stock opened at $914.15 on Thursday. 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 company has a 50-day moving average of $910.23 and a 200 day moving average of $930.97. The firm has a market cap of $190.14 billion, a price-to-earnings ratio of 115.13, a PEG ratio of 4.07 and a beta of 0.92. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $3.22 billion during 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%. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the business earned $3.13 EPS. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

About ServiceNow

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.