ServiceNow, Inc. $NOW Shares Acquired by Quarry LP

Key Points

• Quarry LP significantly increased its holdings in ServiceNow, Inc. by purchasing an additional 386 shares, raising its stake by 1,544.0% in the first quarter, bringing the total shares owned to 411, valued at approximately $327,000.
• ServiceNow reported strong earnings with an EPS of $4.09, surpassing the consensus estimate of $3.57, and its revenue grew by 22.4% year-over-year to $3.22 billion.
• Despite recent sales of shares by CEO William R. McDermott and other insiders, several analysts have positive outlooks on ServiceNow, with target prices raised by firms such as DA Davidson and Citigroup.

Quarry LP grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1,544.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 411 shares of the information technology services provider's stock after purchasing an additional 386 shares during the period. Quarry LP's holdings in ServiceNow were worth $327,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Brighton Jones LLC lifted its holdings in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. AlTi Global Inc. lifted its stake in shares of ServiceNow by 17.6% in the fourth quarter. AlTi Global Inc. now owns 683 shares of the information technology services provider's stock valued at $715,000 after purchasing an additional 102 shares during the period. Accredited Wealth Management LLC purchased a new stake in ServiceNow during the fourth quarter worth about $53,000. Ameriprise Financial Inc. grew its position in ServiceNow by 6.8% during the fourth quarter. Ameriprise Financial Inc. now owns 1,049,032 shares of the information technology services provider's stock worth $1,112,193,000 after buying an additional 66,501 shares during the period. Finally, BLI Banque de Luxembourg Investments purchased a new position in ServiceNow in the fourth quarter valued at about $50,280,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Trading Down 0.5%

NYSE:NOW traded down $4.53 on Tuesday, reaching $912.93. The stock had a trading volume of 1,247,534 shares, compared to its average volume of 1,716,646. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a market cap of $189.89 billion, a price-to-earnings ratio of 114.98, a P/E/G ratio of 4.14 and a beta of 0.91. The firm's fifty day moving average is $944.66 and its two-hundred day moving average is $924.23. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.13 earnings per share. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

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 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 approximately $2,599,350. The trade was a 36.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,054 shares of company stock worth $10,706,530 in the last three months. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. DA Davidson boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Jefferies Financial Group upped their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Finally, Needham & Company LLC boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.