RPG Investment Advisory LLC Raises Position in ServiceNow, Inc. $NOW

Key Points

• RPG Investment Advisory LLC increased its holdings in ServiceNow by 158.2% during the first quarter, bringing their total shares to 39,166, valued at approximately $31.2 million.
• Several institutional investors also updated their positions in ServiceNow, with hedge funds now owning 87.18% of the company's stock.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analyst estimates, with revenue rising by 22.4% year-over-year to $3.22 billion.

RPG Investment Advisory LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 158.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,166 shares of the information technology services provider's stock after purchasing an additional 23,996 shares during the period. ServiceNow makes up about 2.2% of RPG Investment Advisory LLC's portfolio, making the stock its 17th biggest holding. RPG Investment Advisory LLC's holdings in ServiceNow were worth $31,182,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Brighton Jones LLC lifted its holdings in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after purchasing an additional 30 shares during the last quarter. Coppell Advisory Solutions LLC raised its stake in ServiceNow by 3.2% in the 4th quarter. Coppell Advisory Solutions LLC now owns 518 shares of the information technology services provider's stock worth $551,000 after acquiring an additional 16 shares during the last quarter. RiverPark Advisors LLC raised its stake in ServiceNow by 83.6% in the 4th quarter. RiverPark Advisors LLC now owns 4,054 shares of the information technology services provider's stock worth $4,298,000 after acquiring an additional 1,846 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in ServiceNow by 0.9% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 22,810 shares of the information technology services provider's stock worth $24,190,000 after acquiring an additional 212 shares during the last quarter. Finally, Hancock Whitney Corp raised its stake in ServiceNow by 1.3% in the 4th quarter. Hancock Whitney Corp now owns 1,486 shares of the information technology services provider's stock worth $1,575,000 after acquiring an additional 19 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NOW shares. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Royal Bank Of Canada increased their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Trading Down 1.4%

NOW stock opened at $877.6850 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market cap of $182.56 billion, a price-to-earnings ratio of 110.54, a PEG ratio of 4.01 and a beta of 0.93. The business's 50-day moving average is $957.04 and its 200 day moving average is $930.56.

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 for the quarter, topping 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 business 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 EPS. The business's revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of the firm'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 value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $10,594,950.60. This trade represents a 12.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares in the company, valued at $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,096 shares of company stock worth $14,807,562. 0.38% of the stock is currently owned by insiders.

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.

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