Kelly Lawrence W & Associates Inc. CA Acquires Shares of 99,890 ServiceNow, Inc. $NOW

Key Points

• Kelly Lawrence W & Associates acquired 99,890 ServiceNow shares worth approximately $9.9 million in the second quarter, making NOW a 2.1% portfolio holding. Institutional investors collectively own 87.18% of the company.
• Analyst sentiment remains positive, with 36 Buy ratings and a consensus “Moderate Buy” rating. The average price target is $144.24, although ratings range from $125 to $180.
• ServiceNow exceeded quarterly expectations, reporting $0.90 in adjusted earnings per share and $3.99 billion in revenue, up 24% year over year. The stock opened at $128.09, while its valuation remained elevated at roughly 80 times earnings.

Kelly Lawrence W & Associates Inc. CA bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 99,890 shares of the information technology services provider's stock, valued at approximately $9,917,000. ServiceNow accounts for 2.1% of Kelly Lawrence W & Associates Inc. CA's investment portfolio, making the stock its 18th biggest position.

Other large investors have also recently modified their holdings of the company. Wealth Watch Advisors INC purchased a new stake in shares of ServiceNow during the 3rd quarter valued at approximately $29,000. Kelleher Financial Advisors bought a new position in ServiceNow in the 3rd quarter valued at $50,000. Pin Oak Investment Advisors Inc. boosted its stake in ServiceNow by 20.7% during the third quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider's stock valued at $123,000 after buying an additional 23 shares during the period. Jupiter Wealth Management LLC bought a new stake in shares of ServiceNow during the 2nd quarter valued at about $154,000. Finally, CBIZ Investment Advisory Services LLC lifted its position in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NOW. Guggenheim upgraded ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a report on Wednesday, July 1st. Capital One Financial boosted their price objective on shares of ServiceNow from $105.00 to $120.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Truist Financial upped their price objective on shares of ServiceNow from $120.00 to $130.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. KeyCorp reaffirmed an "underweight" rating on shares of ServiceNow in a report on Tuesday, July 21st. Finally, Morgan Stanley set a $180.00 target price on shares of ServiceNow in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $144.24.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $128.09 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $194.73. The business's 50 day simple moving average is $109.36 and its two-hundred day simple moving average is $105.79. The stock has a market capitalization of $132.45 billion, a P/E ratio of 80.06, a price-to-earnings-growth ratio of 2.26 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The business's quarterly revenue was up 24.0% compared to the same quarter last year. Analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current year.

Insider Buying and Selling

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the sale, the director owned 46,690 shares of the company's stock, valued at $5,864,264. This represents a 3.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is owned by corporate insiders.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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