Invst LLC Acquires 670 Shares of ServiceNow, Inc. $NOW

Key Points

• Invst LLC significantly increased its position in ServiceNow, acquiring 670 additional shares to elevate its total holdings to 992 shares, valued at $790,000.
• ServiceNow recently reported $4.09 earnings per share, exceeding analysts' expectations by $0.52, with quarterly revenue rising by 22.4% year-over-year to $3.22 billion.
• ServiceNow stock has been downgraded by some brokerages, but still maintains a majority of positive ratings, with an average price target set at $1,115.20 and an average rating of "Moderate Buy".

Invst LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 208.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 992 shares of the information technology services provider's stock after purchasing an additional 670 shares during the period. Invst LLC's holdings in ServiceNow were worth $790,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Haverford Trust Co boosted its position in shares of ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares in the last quarter. Ascent Group LLC boosted its position in shares of ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after purchasing an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. boosted its position in shares of ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC boosted its position in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares in the last quarter. Finally, one8zero8 LLC boosted its position in shares of ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Oppenheimer restated an "outperform" rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the transaction, the insider owned 457 shares in the company, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,976 shares of company stock valued at $17,049,775. Company insiders own 0.38% of the company's stock.

ServiceNow Trading Down 0.9%

NOW stock traded down $8.24 during trading on Friday, reaching $930.04. The company had a trading volume of 711,066 shares, compared to its average volume of 1,527,927. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a market cap of $193.45 billion, a P/E ratio of 117.13, a PEG ratio of 4.18 and a beta of 0.91. The business has a 50 day moving average of $927.34 and a 200 day moving average of $922.33. 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 announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.13 earnings per share. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal 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.