Joule Financial LLC Buys New Position in ServiceNow, Inc. $NOW

Key Points

• Joule Financial LLC acquired a new position in ServiceNow, purchasing 732 shares valued at approximately $753,000 during the second quarter.
• ServiceNow recently reported a quarterly EPS of $4.09, exceeding analysts' expectations, with a year-over-year revenue growth of 22.4%.
• Analysts have given ServiceNow a consensus rating of "Moderate Buy," with a target price of $1,122.20 amid significant institutional ownership at 87.18%.

Joule Financial LLC purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 732 shares of the information technology services provider's stock, valued at approximately $753,000.

Several other hedge funds also recently modified their holdings of the business. Wealth Preservation Advisors LLC bought a new stake in ServiceNow in the 1st quarter valued at $382,000. Corient IA LLC bought a new stake in shares of ServiceNow in the first quarter valued at about $796,000. Parr Mcknight Wealth Management Group LLC bought a new stake in shares of ServiceNow in the first quarter valued at about $1,820,000. Goldman Sachs Group Inc. grew its position in 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 worth $1,178,706,000 after buying an additional 840,731 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. bought a new position in ServiceNow during the first quarter valued at about $19,278,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Trading Up 0.2%

NOW stock opened at $911.75 on Monday. The business has a fifty day moving average price of $914.67 and a 200 day moving average price of $930.67. 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, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a market capitalization of $189.64 billion, a price-to-earnings ratio of 114.83, 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 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 for the quarter, compared to analyst estimates 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 fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Guggenheim restated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. UBS Group lowered their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ServiceNow in a report on Saturday, September 27th. Bank of America upped their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Needham & Company LLC increased their price target 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. One equities 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares of the company's stock, valued at $8,516,928.77. This trade represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 stock was 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 approximately $6,062,590.82. This represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company's stock.

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.

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