7,925 Shares in ServiceNow, Inc. $NOW Purchased by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC acquired a new stake in ServiceNow, Inc., purchasing 7,925 shares valued at approximately $6.3 million during the first quarter.
• Several institutional investors significantly boosted their holdings in ServiceNow, including GAMMA Investing LLC, which increased its stake by over 87,500%, now owning shares worth over $2.1 billion.
• ServiceNow's stock performance is strong, with the company reporting a 22.4% revenue increase year-over-year and exceeding EPS estimates by $0.52 in its latest earnings report.

SCS Capital Management LLC purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,925 shares of the information technology services provider's stock, valued at approximately $6,309,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Haverford Trust Co lifted its holdings in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares in the last quarter. Ascent Group LLC lifted its holdings in shares of ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock valued at $1,628,000 after purchasing an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. lifted 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 valued at $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC lifted 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 valued at $358,000 after purchasing an additional 11 shares in the last quarter. Finally, one8zero8 LLC lifted 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 valued at $283,000 after purchasing an additional 11 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NOW shares. Erste Group Bank restated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Jefferies Financial Group raised 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. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Finally, Bank of America lifted their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 in the last 90 days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

Shares of NOW traded down $8.24 during mid-day trading on Friday, hitting $930.04. The stock had a trading volume of 711,066 shares, compared to its average volume of 1,580,307. The firm has a market cap of $193.45 billion, a P/E ratio of 117.13, a PEG ratio of 4.23 and a beta of 0.91. The business has a fifty day moving average price of $927.34 and a 200-day moving average price of $922.46. 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, 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 earnings results 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. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business's revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.13 earnings per share. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.