Jones Financial Companies Lllp Increases Holdings in ServiceNow, Inc. $NOW

Key Points

• Jones Financial Companies Lllp increased its stake in ServiceNow, Inc. by 35.5%, acquiring an additional 17,781 shares, leading to total holdings worth approximately $54.16 million.
• ServiceNow reported a 22.4% year-over-year increase in quarterly revenue, reaching $3.22 billion and surpassing analysts' expectations.
• Institutional investors own 87.18% of ServiceNow's stock, with various firms adjusting their ratings and price targets for the shares, reflecting strong market interest.

Jones Financial Companies Lllp boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 35.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,926 shares of the information technology services provider's stock after acquiring an additional 17,781 shares during the quarter. Jones Financial Companies Lllp's holdings in ServiceNow were worth $54,158,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Haverford Trust Co raised its holdings in shares of ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC grew 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 valued at $1,628,000 after acquiring an additional 10 shares during the period. Edgemoor Investment Advisors Inc. boosted its holdings in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC boosted its holdings in ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares during the period. Finally, one8zero8 LLC boosted its holdings in ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NOW shares. Needham & Company LLC lifted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Oppenheimer reissued an "outperform" rating and issued a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Mizuho raised their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Citigroup raised their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Down 1.8%

Shares of NYSE NOW traded down $17.20 during mid-day trading on Tuesday, reaching $930.22. 636,242 shares of the company were exchanged, compared to its average volume of 1,692,051. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $193.49 billion, a price-to-earnings ratio of 117.16, a P/E/G ratio of 4.18 and a beta of 0.91. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The firm has a 50-day moving average of $925.62 and a 200 day moving average of $922.47.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the company earned $3.13 earnings per share. The business's revenue for the quarter was up 22.4% on a year-over-year basis. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.