Nicola Wealth Management LTD. Purchases 8,000 Shares of ServiceNow, Inc. $NOW

Key Points

• Nicola Wealth Management LTD. increased its stake in ServiceNow, Inc. by 57.1% in the first quarter, bringing its total ownership to 22,000 shares valued at approximately $17.5 million.
• ServiceNow reported earnings per share of $4.09 for the last quarter, exceeding analysts' expectations by $0.52 and showing a 22.4% increase in revenue year-over-year.
• Institutional investors hold approximately 87.18% of ServiceNow's stock, with Goldman Sachs Group Inc. increasing its holdings by 131.4% during the same quarter.

Nicola Wealth Management LTD. raised its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 57.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,000 shares of the information technology services provider's stock after buying an additional 8,000 shares during the quarter. ServiceNow comprises about 1.7% of Nicola Wealth Management LTD.'s holdings, making the stock its 20th largest position. Nicola Wealth Management LTD.'s holdings in ServiceNow were worth $17,515,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new stake in shares of ServiceNow in the first quarter valued at $382,000. Corient IA LLC bought a new position in shares of ServiceNow in the first quarter worth $796,000. Parr Mcknight Wealth Management Group LLC purchased a new position in shares of ServiceNow during the 1st quarter valued at $1,820,000. ASR Vermogensbeheer N.V. purchased a new position in shares of ServiceNow during the 1st quarter valued at $19,278,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of 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 purchasing an additional 840,731 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

NYSE NOW opened at $940.23 on Friday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $195.57 billion, a P/E ratio of 118.42, a P/E/G ratio of 4.17 and a beta of 0.91. The company has a fifty day moving average of $929.66 and a 200-day moving average of $922.41.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data 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 net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $3.13 EPS. The firm's revenue was up 22.4% compared to the same quarter last year. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the transaction, the director owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. This trade represents a 10.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 in the last three months. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NOW shares. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Citigroup upped their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Needham & Company LLC upped their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Guggenheim reaffirmed a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average 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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