Ritholtz Wealth Management Buys 557 Shares of ServiceNow, Inc. $NOW

Key Points

• Ritholtz Wealth Management increased its stake in ServiceNow, Inc. by 19.4%, acquiring an additional 557 shares during the 2nd quarter, bringing its total holdings to 3,425 shares worth approximately $3.52 million.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, exceeding the consensus estimate of $3.57, and recorded revenue growth of 22.4% year-over-year.
• Analysts have varied ratings on ServiceNow, with price targets ranging from $724 to $1,300, indicating a broad spectrum of growth expectations for the company's stock.

Ritholtz Wealth Management grew its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 19.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,425 shares of the information technology services provider's stock after acquiring an additional 557 shares during the quarter. Ritholtz Wealth Management's holdings in ServiceNow were worth $3,521,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Haverford Trust Co raised its position in ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares during the period. Ascent Group LLC raised its position in ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. raised its holdings in shares of ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after buying an additional 11 shares during the period. Integrated Investment Consultants LLC raised its holdings in shares of ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after buying an additional 11 shares during the period. Finally, one8zero8 LLC raised its holdings in shares of ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $902.22 on Thursday. The firm has a market cap of $187.66 billion, a price-to-earnings ratio of 113.63, a PEG ratio of 4.10 and a beta of 0.92. The company's 50 day moving average is $909.21 and its 200 day moving average is $933.51. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week 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, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company posted $3.13 earnings per share. ServiceNow's revenue was up 22.4% compared to the same quarter last year. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Raymond James Financial raised their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Guggenheim reaffirmed a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Finally, Zacks Research raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and an average target price of $1,121.37.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,737 shares of company stock worth $16,798,825. Insiders own 0.38% of the company's stock.

ServiceNow 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.

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