Parkwood LLC Purchases 15,676 Shares of ServiceNow, Inc. $NOW

Key Points

• Parkwood LLC increased its stake in ServiceNow, Inc. by 103.5%, owning 30,824 shares valued at approximately $24.54 million, making it the firm's 9th largest holding.
• Insider trading activity included CEO William R. Mcdermott selling 5,825 shares, resulting in a 46.83% decrease in ownership, while Vice Chairman Nicholas Tzitzon sold 1,719 shares, decreasing ownership by 36.43%.
• ServiceNow's recent earnings report revealed an EPS of $4.09, surpassing expectations of $3.57, with revenue of $3.22 billion, which was also above forecasts.

Parkwood LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 103.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,824 shares of the information technology services provider's stock after acquiring an additional 15,676 shares during the period. ServiceNow comprises 2.2% of Parkwood LLC's portfolio, making the stock its 9th largest holding. Parkwood LLC's holdings in ServiceNow were worth $24,540,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in shares of ServiceNow during the first quarter worth about $382,000. Janus Henderson Group PLC grew its holdings in shares of ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after buying an additional 12,533 shares in the last quarter. Corient IA LLC purchased a new stake in shares of ServiceNow during the first quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of ServiceNow during the first quarter worth about $1,820,000. Finally, ASR Vermogensbeheer N.V. purchased a new stake in shares of ServiceNow during the first quarter worth about $19,278,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 1.6%

ServiceNow stock traded up $14.73 during trading on Friday, reaching $913.29. The company had a trading volume of 1,282,604 shares, compared to its average volume of 1,771,618. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock's 50 day moving average price is $936.79 and its two-hundred day moving average price is $922.19. The firm has a market capitalization of $189.96 billion, a price-to-earnings ratio of 115.02, a PEG ratio of 4.12 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 (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating 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 firm 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 earned $3.13 earnings per share. ServiceNow's revenue was up 22.4% compared to the same quarter last year. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 3,000 shares in the company, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, 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 disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 over the last quarter. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Piper Sandler lifted their price target 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. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. Mizuho lifted their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Finally, Erste Group Bank restated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.