Paragon Advisors LLC Buys 3,360 Shares of ServiceNow, Inc. $NOW

Key Points

• Paragon Advisors LLC increased its holdings in ServiceNow, Inc. by 83.3%, acquiring an additional 3,360 shares in the second quarter, bringing its total ownership to 7,394 shares valued at approximately $7.6 million.
• Research analysts have set new price targets for ServiceNow, with Bank of America raising its target from $1,110 to $1,200 and JMP Securities setting a target of $1,300.
• ServiceNow reported quarterly earnings of $4.09 per share, exceeding analyst expectations of $3.57, and achieved a revenue of $3.22 billion, a 22.4% increase year-over-year.

Paragon Advisors LLC grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 83.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 7,394 shares of the information technology services provider's stock after acquiring an additional 3,360 shares during the period. ServiceNow accounts for approximately 2.0% of Paragon Advisors LLC's investment portfolio, making the stock its 12th biggest position. Paragon Advisors LLC's holdings in ServiceNow were worth $7,602,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Insight Advisors LLC PA bought a new position in shares of ServiceNow in the 2nd quarter valued at $280,000. Strategic Blueprint LLC raised its position in ServiceNow by 65.0% in the second quarter. Strategic Blueprint LLC now owns 424 shares of the information technology services provider's stock valued at $436,000 after purchasing an additional 167 shares during the last quarter. Freedom Investment Management Inc. raised its position in ServiceNow by 2.9% in the second quarter. Freedom Investment Management Inc. now owns 456 shares of the information technology services provider's stock valued at $470,000 after purchasing an additional 13 shares during the last quarter. Forum Financial Management LP raised its position in ServiceNow by 24.9% in the second quarter. Forum Financial Management LP now owns 1,117 shares of the information technology services provider's stock valued at $1,148,000 after purchasing an additional 223 shares during the last quarter. Finally, Ethic Inc. raised its position in ServiceNow by 1.6% in the second quarter. Ethic Inc. now owns 25,496 shares of the information technology services provider's stock valued at $26,067,000 after purchasing an additional 397 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Bank of America raised their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Raymond James Financial raised their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Finally, Piper Sandler raised their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,121.37.

ServiceNow Stock Down 0.6%

ServiceNow stock opened at $936.25 on Thursday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The firm has a 50 day moving average price of $914.81 and a two-hundred day moving average price of $938.12. The firm has a market cap of $194.74 billion, a price-to-earnings ratio of 117.92, a PEG ratio of 4.24 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

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 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 during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm earned $3.13 earnings per share. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. Equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction that occurred on 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 directly owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the sale, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock worth $16,798,825 over the last three months. 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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