Guyasuta Investment Advisors Inc. Makes New Investment in ServiceNow, Inc. $NOW

Key Points

• Guyasuta Investment Advisors Inc. purchased 329 shares of ServiceNow, Inc., valued at approximately $338,000, marking their new investment in the company in the second quarter.
• ServiceNow reported a 22.4% increase in revenue year-over-year, with quarterly earnings of $4.09 per share, exceeding analyst expectations of $3.57.
• Institutional investors own 87.18% of ServiceNow's stock, with multiple firms boosting their stakes, signaling strong institutional confidence in the company's prospects.

Guyasuta Investment Advisors Inc. purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 329 shares of the information technology services provider's stock, valued at approximately $338,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NOW. Brighton Jones LLC boosted its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares during the period. Versant Capital Management Inc boosted its position in shares of ServiceNow by 66.5% during the 1st quarter. Versant Capital Management Inc now owns 268 shares of the information technology services provider's stock valued at $213,000 after acquiring an additional 107 shares during the last quarter. AdvisorNet Financial Inc boosted its position in shares of ServiceNow by 20.9% during the 1st quarter. AdvisorNet Financial Inc now owns 156 shares of the information technology services provider's stock valued at $124,000 after acquiring an additional 27 shares during the last quarter. GoalVest Advisory LLC boosted its position in shares of ServiceNow by 34.5% during the 1st quarter. GoalVest Advisory LLC now owns 78 shares of the information technology services provider's stock valued at $62,000 after acquiring an additional 20 shares during the last quarter. Finally, Global Financial Private Client LLC boosted its position in shares of ServiceNow by 1,900.0% during the 1st quarter. Global Financial Private Client LLC now owns 60 shares of the information technology services provider's stock valued at $48,000 after acquiring an additional 57 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Price Performance

Shares of NOW stock opened at $936.76 on Friday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The stock's 50-day moving average is $919.74 and its 200 day moving average is $926.99. The company has a market cap of $194.85 billion, a P/E ratio of 117.98, a PEG ratio of 4.22 and a beta of 0.91. 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 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the company earned $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on NOW. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Mizuho raised their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Raymond James Financial raised their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Jefferies Financial Group raised their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One 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 company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

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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