Perigon Wealth Management LLC Buys 632 Shares of ServiceNow, Inc. $NOW

Key Points

• Perigon Wealth Management LLC increased its stake in ServiceNow, Inc. by 12.0% in the second quarter, owning a total of 5,880 shares valued at $6,045,000 by quarter's end.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding expectations by $0.52, with a revenue of $3.22 billion, up 22.4% year-over-year.
• Analysts have given ServiceNow a consensus rating of "Moderate Buy" with an average price target of $1,122.20, while Jefferies and Wells Fargo recently increased their target prices significantly.

Perigon Wealth Management LLC increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,880 shares of the information technology services provider's stock after purchasing an additional 632 shares during the quarter. Perigon Wealth Management LLC's holdings in ServiceNow were worth $6,045,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. purchased a new stake in ServiceNow during the second quarter valued at about $30,000. Bogart Wealth LLC grew its stake in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in ServiceNow during the 1st quarter valued at $26,000. WASHINGTON TRUST Co lifted its position in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares in the last quarter. Finally, Dagco Inc. bought a new position in shares of ServiceNow in the first quarter worth $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

NOW opened at $919.44 on Friday. The stock has a 50-day moving average price of $920.28 and a 200-day moving average price of $925.55. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $191.24 billion, a P/E ratio of 115.80, a PEG ratio of 4.20 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion for 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 period last year, the firm posted $3.13 EPS. Equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction on Monday, August 18th. The shares were 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 of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were 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. The trade was a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,976 shares of company stock valued at $17,049,775. Insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of several analyst reports. Jefferies Financial Group raised their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Finally, BMO Capital Markets upped their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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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