Moody Lynn & Lieberson LLC Purchases 3,650 Shares of ServiceNow, Inc. $NOW

Key Points

• Moody Lynn & Lieberson LLC increased its stake in ServiceNow, Inc. by 12.4% during Q2 2023, owning 33,089 shares, valued at approximately $34 million.
• ServiceNow reported earnings per share of $4.09 for the latest quarter, exceeding analysts' expectations by $0.52, with revenues reaching $3.22 billion, a 22.4% increase year-over-year.
• CEO William R. McDermott sold 5,825 shares at an average price of $916.63, reducing his holdings by nearly 47%, as insiders collectively sold 18,976 shares valued at over $17 million in the last ninety days.

Moody Lynn & Lieberson LLC lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,089 shares of the information technology services provider's stock after buying an additional 3,650 shares during the period. ServiceNow comprises 2.0% of Moody Lynn & Lieberson LLC's portfolio, making the stock its 18th largest holding. Moody Lynn & Lieberson LLC's holdings in ServiceNow were worth $34,018,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new stake in shares of ServiceNow in the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after buying an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its position in ServiceNow by 131.4% in the 1st 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 during the last quarter. Parnassus Investments LLC bought a new position in ServiceNow during the 1st quarter valued at about $519,806,000. Finally, Amundi boosted its holdings in shares of ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock valued at $1,269,777,000 after acquiring an additional 626,623 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

NYSE NOW opened at $936.76 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a market cap of $194.85 billion, a price-to-earnings ratio of 117.98, a PEG ratio of 4.22 and a beta of 0.91. The company's 50 day moving average is $919.74 and its two-hundred day moving average is $927.82.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (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 business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Guggenheim reissued a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. UBS Group decreased their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Citigroup raised their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Finally, Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction that occurred on 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 directly owned 6,614 shares of the company's stock, valued at $6,062,590.82. This represents a 46.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 in the last ninety days. Company 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.

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