Nearwater Capital Markets Ltd Acquires Shares of 12,000 ServiceNow, Inc. $NOW

Key Points

• Nearwater Capital Markets Ltd has invested approximately $9.55 million in ServiceNow, acquiring 12,000 shares during the first quarter.
• Institutional investors now own 87.18% of ServiceNow's stock, with notable increases from firms like GAMMA Investing LLC and OVERSEA CHINESE BANKING Corp Ltd.
• ServiceNow reported strong financial performance with $4.09 EPS for the last quarter, exceeding estimates, and a 22.4% increase in revenue year-over-year.

Nearwater Capital Markets Ltd acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,000 shares of the information technology services provider's stock, valued at approximately $9,554,000.

A number of other large investors have also made changes to their positions in NOW. Brighton Jones LLC grew its holdings in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after buying an additional 30 shares in the last quarter. Cary Street Partners Financial LLC purchased a new stake in ServiceNow in the 4th quarter worth approximately $625,000. Centiva Capital LP grew its stake in ServiceNow by 1,300.0% in the 4th quarter. Centiva Capital LP now owns 1,680 shares of the information technology services provider's stock worth $1,781,000 after acquiring an additional 1,560 shares during the period. Corton Capital Inc. acquired a new position in ServiceNow in the 4th quarter valued at $214,000. Finally, CoreCap Advisors LLC lifted its stake in shares of ServiceNow by 142.0% during the 4th quarter. CoreCap Advisors LLC now owns 1,256 shares of the information technology services provider's stock worth $1,332,000 after purchasing an additional 737 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company'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 completion of the sale, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the sale, the insider owned 3,027 shares of the company's stock, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 over the last 90 days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Trading Up 2.9%

NOW traded up $26.25 during trading on Monday, hitting $940.05. 1,635,851 shares of the company's stock were exchanged, compared to its average volume of 1,711,194. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock has a 50 day moving average price of $936.79 and a 200 day moving average price of $922.19. The firm has a market cap of $195.53 billion, a P/E ratio of 118.39, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. 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 (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm posted $3.13 EPS. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NOW has been the topic of several analyst reports. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. BMO Capital Markets raised their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Mizuho lifted their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. Finally, JMP Securities reissued a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

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.