GC Wealth Management RIA LLC Purchases 6,201 Shares of ServiceNow, Inc. $NOW

Key Points

• GC Wealth Management RIA LLC increased its stake in ServiceNow by 552.2% in Q2, acquiring an additional 6,201 shares, bringing its total holdings to 7,324 shares valued at approximately $7.53 million.
• Several institutional investors have also raised their positions in ServiceNow, including WASHINGTON TRUST Co, which increased its stake by 620.0% in Q1.
• ServiceNow's latest quarterly earnings report showed an EPS of $4.09, exceeding analysts' expectations, with revenue growth of 22.4% year-over-year.

GC Wealth Management RIA LLC grew its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 552.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,324 shares of the information technology services provider's stock after acquiring an additional 6,201 shares during the period. ServiceNow comprises 0.6% of GC Wealth Management RIA LLC's portfolio, making the stock its 27th largest position. GC Wealth Management RIA LLC's holdings in ServiceNow were worth $7,530,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bogart Wealth LLC raised 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 purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $26,000. WASHINGTON TRUST Co increased its stake in shares of ServiceNow by 620.0% during the first 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 position in shares of ServiceNow during the second quarter valued at approximately $30,000. Finally, Dagco Inc. bought a new position in shares of ServiceNow during the first quarter valued at approximately $33,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This represents 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 quarter. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of several recent analyst reports. DA Davidson lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Raymond James Financial raised their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Mizuho increased their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Finally, Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Price Performance

NOW stock opened at $936.76 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a 50 day moving average price of $919.74 and a 200-day moving average price of $927.82. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The firm has a market capitalization of $194.85 billion, a price-to-earnings ratio of 117.98, a PEG ratio of 4.22 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 18.04% and a net margin of 13.78%.The firm's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter last year, the company earned $3.13 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS 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.

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