Northeast Investment Management Buys 1,386 Shares of ServiceNow, Inc. $NOW

Key Points

• Northeast Investment Management increased its stake in ServiceNow, Inc. by 5.2%, acquiring an additional 1,386 shares, bringing its total ownership to 27,814 shares worth approximately $28.6 million.
• CEO William R. Mcdermott sold 5,825 shares of ServiceNow for over $5.3 million, a significant decrease in ownership, while other executives also sold portions of their shares.
• ServiceNow's stock has a target price increase from several analysts with estimates ranging from $1,025 to $1,150, indicating positive market sentiment despite a recent price dip.

Northeast Investment Management raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,814 shares of the information technology services provider's stock after acquiring an additional 1,386 shares during the period. ServiceNow comprises about 1.2% of Northeast Investment Management's investment portfolio, making the stock its 25th largest position. Northeast Investment Management's holdings in ServiceNow were worth $28,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of NOW. Brighton Jones LLC grew its position in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. GAMMA Investing LLC grew its position in ServiceNow by 10.0% in the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after acquiring an additional 308 shares during the period. Segment Wealth Management LLC grew its position in ServiceNow by 29.9% in the first quarter. Segment Wealth Management LLC now owns 921 shares of the information technology services provider's stock valued at $733,000 after acquiring an additional 212 shares during the period. Covea Finance grew its position in ServiceNow by 8.5% in the first quarter. Covea Finance now owns 39,665 shares of the information technology services provider's stock valued at $31,579,000 after acquiring an additional 3,100 shares during the period. Finally, Rockline Wealth Management LLC boosted its stake in ServiceNow by 7.5% in the first quarter. Rockline Wealth Management LLC now owns 1,548 shares of the information technology services provider's stock worth $1,232,000 after purchasing an additional 108 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company's stock.

ServiceNow Trading Up 1.1%

Shares of NOW opened at $904.57 on Friday. The company has a quick ratio of 1.09, a current 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 firm has a market capitalization of $188.15 billion, a PE ratio of 113.93, a price-to-earnings-growth ratio of 4.07 and a beta of 0.92. The stock's fifty day simple moving average is $910.30 and its 200-day simple moving average is $935.59.

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, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on NOW. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Raymond James Financial increased their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Zacks Research raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Monday, October 13th. Guggenheim reissued a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Finally, Piper Sandler increased their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and a consensus target price of $1,121.37.

ServiceNow 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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