Nuveen LLC Invests $1.82 Billion in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Nuveen LLC has invested approximately $1.82 billion in ServiceNow, acquiring over 2.28 million shares, making it the company's 29th biggest position in its portfolio.
• ServiceNow reported strong earnings, with $4.09 earnings per share surpassing analysts' expectations of $3.57, and its revenue rose by 22.4% year-over-year.
• Recent insider trading saw CEO William R. Mcdermott sell 2,050 shares, leading to a 23.66% decrease in his ownership, along with significant sales from other directors.

Nuveen LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 2,282,934 shares of the information technology services provider's stock, valued at approximately $1,817,535,000. ServiceNow makes up about 0.6% of Nuveen LLC's portfolio, making the stock its 29th biggest position. Nuveen LLC owned approximately 1.10% of ServiceNow at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Bogart Wealth LLC increased its stake in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow in the 1st quarter worth $26,000. Quarry LP bought a new position in ServiceNow in the 4th quarter worth $27,000. WASHINGTON TRUST Co boosted its holdings in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares during the period. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow in the 4th quarter worth $37,000. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the transaction, the director directly owned 588 shares in the company, valued at $582,414. This trade represents a 56.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,250 shares of company stock worth $5,318,667. Corporate insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NOW opened at $871.70 on Friday. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm's 50 day moving average price is $982.92 and its 200 day moving average price is $943.49. The company has a market cap of $181.31 billion, a P/E ratio of 109.79, a PEG ratio of 3.93 and a beta of 0.93. 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 (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm earned $3.13 EPS. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NOW has been the subject of several research analyst reports. BMO Capital Markets lifted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. UBS Group cut their price objective on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Needham & Company LLC raised their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Evercore ISI raised their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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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