Grove Bank & Trust Purchases 631 Shares of ServiceNow, Inc. $NOW

Key Points

• Grove Bank & Trust increased its stake in ServiceNow, Inc. by 26.3% in the 2nd quarter, now holding 3,028 shares worth approximately $3.1 million.
• ServiceNow reported earnings of $4.09 EPS for the quarter, exceeding estimates, with a year-over-year revenue increase of 22.4% to $3.22 billion.
• Equities analysts have a consensus rating of "Moderate Buy" for ServiceNow shares, with an average target price increase to $1,115.20.

Grove Bank & Trust grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 26.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,028 shares of the information technology services provider's stock after purchasing an additional 631 shares during the quarter. Grove Bank & Trust's holdings in ServiceNow were worth $3,113,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bogart Wealth LLC raised its stake 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 position in shares of ServiceNow during the 1st quarter worth about $26,000. Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the 4th quarter worth about $37,000. WASHINGTON TRUST Co raised its position 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 last quarter. Finally, Dagco Inc. bought a new stake in shares of ServiceNow in the first quarter valued at about $33,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction dated Monday, August 18th. The shares were 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 directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This represents a 28.16% 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.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. Raymond James Financial upped their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Guggenheim restated a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

Shares of NYSE NOW traded up $15.47 during mid-day trading on Friday, hitting $963.21. 2,806,372 shares of the stock were exchanged, compared to its average volume of 1,416,023. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock's fifty day simple moving average is $922.60 and its two-hundred day simple moving average is $923.43. 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 company has a market cap of $200.35 billion, a P/E ratio of 121.31, a PEG ratio of 4.33 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the firm posted $3.13 EPS. The business's revenue was up 22.4% on a year-over-year basis. As a group, 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.