Jackson Wealth Management LLC Makes New $488,000 Investment in ServiceNow, Inc. $NOW

Key Points

• Jackson Wealth Management LLC made a significant new investment of approximately $488,000 in ServiceNow, acquiring 475 shares in the second quarter.
• ServiceNow reported a 22.4% increase in revenue year-over-year for the last quarter, with earnings per share of $4.09, surpassing analysts' expectations.
• Several analysts have raised their target price for ServiceNow, with forecasts including a target of $1,300 from JMP Securities, indicating strong growth expectations for the stock.

Jackson Wealth Management LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 475 shares of the information technology services provider's stock, valued at approximately $488,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NOW. Brighton Jones LLC increased its stake in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after acquiring an additional 30 shares during the last quarter. Fermata Advisors LLC increased its stake in ServiceNow by 192.2% during the first quarter. Fermata Advisors LLC now owns 637 shares of the information technology services provider's stock worth $507,000 after acquiring an additional 419 shares during the last quarter. Boltwood Capital Management increased its stake in ServiceNow by 69.1% during the first quarter. Boltwood Capital Management now owns 350 shares of the information technology services provider's stock worth $279,000 after acquiring an additional 143 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in ServiceNow by 15.5% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,373 shares of the information technology services provider's stock worth $1,093,000 after acquiring an additional 184 shares during the last quarter. Finally, Vest Financial LLC increased its stake in ServiceNow by 73.4% during the first quarter. Vest Financial LLC now owns 2,105 shares of the information technology services provider's stock worth $1,676,000 after acquiring an additional 891 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. 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 business's stock in a transaction that occurred on Monday, August 18th. The shares were 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 of the company's stock, valued at $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock worth $16,798,825 over the last quarter. 0.38% of the stock is owned by corporate insiders.

ServiceNow Trading Up 0.2%

Shares of NOW opened at $911.75 on Friday. The company has a market capitalization of $189.64 billion, a P/E ratio of 114.83, a P/E/G ratio of 4.10 and a beta of 0.92. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a 50-day moving average price of $914.67 and a 200 day moving average price of $929.33.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during 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%.ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.13 earnings per share. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Piper Sandler upped their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Needham & Company LLC upped their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a research report on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. Finally, Morgan Stanley raised ServiceNow from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. One investment 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,122.20.

About ServiceNow

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.