Park Place Capital Corp Purchases 1,460 Shares of ServiceNow, Inc. $NOW

Key Points

• Park Place Capital Corp has increased its stake in ServiceNow by 135.6%, purchasing an additional 1,460 shares to hold a total of 2,537 shares worth approximately $2.57 million.
• ServiceNow reported a 22.4% increase in revenue year-over-year during its latest earnings call, achieving earnings of $4.09 EPS, surpassing analyst expectations.
• Goldman Sachs significantly expanded its investment in ServiceNow, increasing its stake by 131.4% in the first quarter with holdings valued at over $1.17 billion.

Park Place Capital Corp lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 135.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,537 shares of the information technology services provider's stock after purchasing an additional 1,460 shares during the quarter. Park Place Capital Corp's holdings in ServiceNow were worth $2,567,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm'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 transaction, the insider directly owned 3,000 shares in the company, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 in the last 90 days. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Up 0.4%

ServiceNow stock opened at $940.05 on Tuesday. The stock has a market cap of $195.53 billion, a PE ratio of 118.39, a price-to-earnings-growth ratio of 4.22 and a beta of 0.91. 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, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock has a fifty day moving average of $919.33 and a 200 day moving average of $928.48.

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Guggenheim reissued a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Raymond James Financial upped their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Mizuho upped 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. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,122.20.

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.

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