R Squared Ltd Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• R Squared Ltd significantly increased its stake in ServiceNow, Inc. by 4,400.0% in the first quarter, now holding 900 shares valued at $717,000.
• Wall Street analysts have positive outlooks for ServiceNow, with multiple brokerages raising their price targets and a consensus rating of "Moderate Buy".
• In the latest earnings report, ServiceNow outperformed expectations, reporting $4.09 EPS and $3.22 billion in revenue, both exceeding analyst predictions.

R Squared Ltd raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4,400.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 900 shares of the information technology services provider's stock after buying an additional 880 shares during the quarter. ServiceNow comprises about 0.8% of R Squared Ltd's investment portfolio, making the stock its 23rd largest holding. R Squared Ltd's holdings in ServiceNow were worth $717,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NOW. Janus Henderson Group PLC raised its position in shares of ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares during the last quarter. FMR LLC raised its position in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new position in shares of ServiceNow in the 1st quarter valued at approximately $1,820,000. Nicholas Investment Partners LP raised its position in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after purchasing an additional 1,938 shares during the last quarter. Finally, OMNI 360 Wealth Inc. purchased a new position in shares of ServiceNow in the 1st quarter valued at approximately $285,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NOW. Jefferies Financial Group increased their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Stifel Nicolaus increased their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Piper Sandler increased their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Tuesday, July 22nd. Finally, Canaccord Genuity Group decreased their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Down 3.1%

Shares of NYSE:NOW opened at $914.03 on Friday. The business has a 50-day moving average price of $994.89 and a 200 day moving average price of $950.76. 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 company has a market capitalization of $190.12 billion, a price-to-earnings ratio of 115.12, a PEG ratio of 4.25 and a beta of 0.93. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

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

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,990 shares of company stock worth $6,047,567. 0.38% of the stock is currently owned by corporate insiders.

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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