Fiduciary Family Office LLC Invests $518,000 in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Fiduciary Family Office LLC invested approximately $518,000 in ServiceNow, Inc. by acquiring 651 shares during the first quarter, indicating growing institutional interest in the company's stock.
• CEO William R. Mcdermott and Vice Chairman Nicholas Tzitzon both sold large amounts of stock, significantly reducing their ownership stakes by 23.66% and 28.07%, respectively.
• ServiceNow's recent earnings report showed a 22.4% increase in revenue year-over-year, with earnings per share of $4.09, exceeding analyst expectations.

Fiduciary Family Office LLC bought a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 651 shares of the information technology services provider's stock, valued at approximately $518,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bogart Wealth LLC boosted its position 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 worth $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow in the first quarter worth $26,000. Quarry LP acquired a new stake in shares of ServiceNow in the fourth quarter worth $27,000. WASHINGTON TRUST Co boosted its position in shares of ServiceNow by 620.0% in 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 period. Finally, Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity

In other news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,250 shares of company stock valued at $5,318,667. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research reports. UBS Group reduced their price objective on 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. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and lifted their price objective for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. TD Securities reissued a "buy" rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. JMP Securities reissued a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Trading Down 0.3%

Shares of NOW opened at $871.70 on Friday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $181.31 billion, a price-to-earnings ratio of 109.79, a P/E/G ratio of 3.93 and a beta of 0.93. The stock's 50-day moving average price is $982.92 and its 200 day moving average price is $943.49.

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, beating 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 analyst estimates of $3.12 billion. During the same period in the previous year, the company posted $3.13 earnings per share. The company's quarterly revenue 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.

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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