MBB Public Markets I LLC Takes Position in ServiceNow, Inc. $NOW

Key Points

• MBB Public Markets I LLC acquired a new stake in ServiceNow, Inc. valued at approximately $307,000, purchasing 386 shares of the stock.
• The company reported a 22.4% increase in revenue year-over-year, with earnings per share of $4.09, surpassing analyst expectations.
• ServiceNow has seen a number of institutional investors adjusting their holdings, with hedge funds owning 87.18% of the company's stock.

MBB Public Markets I LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 386 shares of the information technology services provider's stock, valued at approximately $307,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NOW. Bogart Wealth LLC raised its holdings in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new stake in ServiceNow during the first quarter valued at about $26,000. Heck Capital Advisors LLC bought a new stake in ServiceNow during the fourth quarter valued at about $37,000. WASHINGTON TRUST Co boosted its position in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Dagco Inc. bought a new stake in ServiceNow during the first quarter valued at about $33,000. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NOW. Oppenheimer reaffirmed an "outperform" rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Piper Sandler increased their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Mizuho increased their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. DA Davidson increased their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Jefferies Financial Group increased their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One investment 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 given a Sell rating to the company. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Price Performance

Shares of NOW traded down $8.24 during trading hours on Friday, hitting $930.04. 711,066 shares of the stock were exchanged, compared to its average volume of 1,580,307. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a market cap of $193.45 billion, a price-to-earnings ratio of 117.13, a price-to-earnings-growth ratio of 4.23 and a beta of 0.91. The stock's 50-day moving average price is $929.66 and its two-hundred day moving average price is $922.41.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 company posted $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In other news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares in the company, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 in the last quarter. Insiders own 0.38% of the company's stock.

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.