Gunderson Capital Management Inc. Acquires Shares of 5,722 ServiceNow, Inc. $NOW

Key Points

• Gunderson Capital Management Inc. acquired 5,722 shares of ServiceNow, valued at approximately $5.88 million, during the 2nd quarter, making it the firm’s 17th largest holding.
• Insider transactions revealed that Director Anita M. Sands and General Counsel Russell S. Elmer sold significant portions of their holdings, decreasing their positions by 10.54% and 28.16% respectively.
• Research analysts maintain a consensus rating of "Moderate Buy" for ServiceNow with target prices ranging from $1,100 to $1,234, reflecting optimism about the company's future performance.

Gunderson Capital Management Inc. purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,722 shares of the information technology services provider's stock, valued at approximately $5,883,000. ServiceNow accounts for about 2.5% of Gunderson Capital Management Inc.'s holdings, making the stock its 17th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Bogart Wealth LLC increased its holdings in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the 1st quarter valued at about $26,000. WASHINGTON TRUST Co lifted its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the period. Global X Japan Co. Ltd. bought a new position in shares of ServiceNow during the second quarter valued at approximately $30,000. Finally, Dagco Inc. purchased a new position in ServiceNow during the first quarter valued at approximately $33,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the company's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the transaction, the director owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred 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 owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NOW. UBS Group lowered their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Needham & Company LLC lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Citigroup boosted their target price 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. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Finally, BMO Capital Markets raised their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Trading Up 0.3%

Shares of ServiceNow stock opened at $917.21 on Friday. The stock has a market cap of $190.78 billion, a PE ratio of 115.52, a price-to-earnings-growth ratio of 4.12 and a beta of 0.92. The firm has a fifty day moving average price of $909.72 and a 200 day moving average price of $931.43. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.13 earnings per share. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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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