Independent Solutions Wealth Management LLC Makes New $353,000 Investment in ServiceNow, Inc. $NOW

Key Points

• Independent Solutions Wealth Management LLC invested approximately $353,000 in ServiceNow, acquiring 343 shares in the second quarter of 2023.
• ServiceNow's stock has experienced a 22% decline from its highs, leading some analysts to suggest it may be undervalued.
• For the latest quarter, ServiceNow reported earnings of $4.09 per share, exceeding estimates and reflecting a 22.4% year-over-year revenue growth.

Independent Solutions Wealth Management LLC bought a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 343 shares of the information technology services provider's stock, valued at approximately $353,000.

A number of other hedge funds have also added to or reduced their stakes in NOW. Nuveen LLC bought a new stake in ServiceNow in the first quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Parnassus Investments LLC bought a new stake in shares of ServiceNow during the first quarter valued at approximately $519,806,000. Finally, Amundi increased its holdings in shares of ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock valued at $1,269,777,000 after acquiring an additional 626,623 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 0.8%

NOW stock opened at $905.41 on Wednesday. The stock's fifty day simple moving average is $911.49 and its two-hundred day simple moving average is $931.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The stock has a market cap of $188.32 billion, a P/E ratio of 114.03, a P/E/G ratio of 4.11 and a beta of 0.92.

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, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the firm earned $3.13 earnings per share. The business's revenue was up 22.4% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity

In other news, insider Jacqueline P. Canney sold 1,562 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 transaction of $1,353,394.90. Following the transaction, the insider owned 3,027 shares of the company's stock, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This represents a 46.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NOW. Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. BMO Capital Markets boosted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Raymond James Financial lifted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

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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