Forbes J M & Co. LLP Increases Holdings in ServiceNow, Inc. $NOW

Key Points

• Forbes J M & Co. LLP increases its holdings in ServiceNow, Inc. by 96.1%, owning 10,922 shares worth approximately $11.2 million after acquiring an additional 5,353 shares in Q2.
• ServiceNow reported a 22.4% year-over-year increase in revenue, with an earnings per share (EPS) of $4.09 for the last quarter, surpassing the consensus estimate by $0.52.
• Several hedge funds, including Goldman Sachs and Nuveen LLC, made significant changes to their positions in ServiceNow during the first quarter, indicating a strong interest in the stock among institutional investors.

Forbes J M & Co. LLP grew its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 96.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 10,922 shares of the information technology services provider's stock after acquiring an additional 5,353 shares during the period. Forbes J M & Co. LLP's holdings in ServiceNow were worth $11,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Nuveen LLC purchased a new stake in shares of ServiceNow in the 1st quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of ServiceNow by 1,586.5% during 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. raised 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 worth $1,178,706,000 after purchasing an additional 840,731 shares during the period. Parnassus Investments LLC bought a new position in ServiceNow in the 1st quarter worth $519,806,000. Finally, Amundi raised its holdings in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock valued at $1,269,777,000 after acquiring an additional 626,623 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 2.2%

NOW opened at $920.51 on Wednesday. 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 capitalization of $191.47 billion, a PE ratio of 115.93, a PEG ratio of 4.24 and a beta of 0.91. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The firm has a 50-day moving average price of $918.47 and a two-hundred day moving average price of $928.42.

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 the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for 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%. The company's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.13 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on 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 transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Guggenheim reaffirmed a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. Bank of America upped their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Citigroup upped their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. Finally, FBN Securities upgraded ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

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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