Highland Capital Management LLC Boosts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Highland Capital Management LLC increased its stake in ServiceNow, Inc. by 28.9% during the 2nd quarter, now holding shares worth approximately $3.2 million.
• Recent insider sales included Vice Chairman Nicholas Tzitzon and CEO William R. Mcdermott, who both significantly reduced their ownership, indicating potential concerns about the company's stock performance.
• Analysts maintain a generally positive outlook on ServiceNow, with a consensus rating of "Moderate Buy" and an average price target around $1,122.20.

Highland Capital Management LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 28.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,131 shares of the information technology services provider's stock after purchasing an additional 702 shares during the quarter. Highland Capital Management LLC's holdings in ServiceNow were worth $3,219,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of 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 last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the 1st quarter valued at approximately $26,000. WASHINGTON TRUST Co increased its holdings 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 valued at $29,000 after acquiring an additional 31 shares during the last quarter. Global X Japan Co. Ltd. bought a new stake in shares of ServiceNow in the 2nd quarter valued at approximately $30,000. Finally, Dagco Inc. bought a new stake in shares of ServiceNow in the 1st quarter valued at approximately $33,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company'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 sale, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NOW shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a report 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. Needham & Company LLC boosted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Jefferies Financial Group boosted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Oppenheimer restated an "outperform" rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow 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 given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,122.20.

ServiceNow Trading Up 0.2%

Shares of NOW stock opened at $911.75 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock has a fifty day moving average of $914.67 and a two-hundred day moving average of $929.93. The firm has a market capitalization of $189.64 billion, a PE ratio of 114.83, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 EPS. The firm's quarterly revenue was up 22.4% on a year-over-year basis. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 EPS 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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