Kayne Anderson Rudnick Investment Management LLC Has $42.42 Million Stock Position in ServiceNow, Inc. $NOW

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in ServiceNow by 63.0%, owning 53,281 shares valued at approximately $42.42 million as of the end of the most recent quarter.
• ServiceNow reported a quarterly EPS of $4.09, exceeding analyst expectations and showing a 22.4% increase in revenue year-over-year.
• Several analysts have raised their price targets for ServiceNow stock, with projections reaching as high as $1,210.00, reflecting strong market confidence in the company's performance.

Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 63.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,281 shares of the information technology services provider's stock after purchasing an additional 20,598 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in ServiceNow were worth $42,420,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC grew its stake in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after purchasing an additional 12,533 shares during the period. Corient IA LLC acquired a new stake in ServiceNow during the first quarter worth approximately $796,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in ServiceNow during the first quarter worth approximately $1,820,000. ASR Vermogensbeheer N.V. bought a new position in ServiceNow in the first quarter worth approximately $19,278,000. Finally, Goldman Sachs Group Inc. boosted its holdings in ServiceNow by 131.4% in 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 acquiring an additional 840,731 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Up 1.0%

NOW stock opened at $885.7930 on Monday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. 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's 50 day moving average is $955.00 and its 200-day moving average is $928.38. The firm has a market capitalization of $184.24 billion, a PE ratio of 111.56, a P/E/G ratio of 4.00 and a beta of 0.93.

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, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company posted $3.13 earnings per share. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 1,585 shares of ServiceNow stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $900.00, for a total value of $1,426,500.00. Following the sale, the chief executive officer owned 12,439 shares in the company, valued at $11,195,100. This trade represents a 11.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,096 shares of company stock valued at $14,807,562 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NOW shares. BMO Capital Markets increased their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Finally, Royal Bank Of Canada increased their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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