ServiceNow, Inc. $NOW Position Boosted by Norden Group LLC

Key Points

• Norden Group LLC increased its stake in ServiceNow, Inc. by 13.8% during Q2, holding 4,897 shares worth approximately $5.03 million as of the latest SEC filing.
• ServiceNow reported $4.09 EPS for the last quarter, surpassing expectations of $3.57, alongside a revenue increase of 22.4% year-over-year to $3.22 billion.
• Despite positive earnings, ServiceNow's stock price decreased by 2.1%, currently trading around $928.34 with a market cap of $193.09 billion.

Norden Group LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 13.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,897 shares of the information technology services provider's stock after purchasing an additional 593 shares during the period. Norden Group LLC's holdings in ServiceNow were worth $5,035,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of NOW. Bogart Wealth LLC lifted its position in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow during the first quarter worth $26,000. WASHINGTON TRUST Co raised its holdings in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the period. Global X Japan Co. Ltd. bought a new position in shares of ServiceNow in the 2nd quarter worth about $30,000. Finally, Dagco Inc. acquired a new position in shares of ServiceNow in the 1st quarter valued at about $33,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Down 2.1%

NOW opened at $928.34 on Wednesday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $193.09 billion, a P/E ratio of 116.92, a P/E/G ratio of 4.27 and a beta of 0.91. The stock's 50 day moving average price is $921.75 and its 200 day moving average price is $924.54.

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

Analyst Upgrades and Downgrades

NOW has been the topic of several research reports. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. BMO Capital Markets increased their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. UBS Group dropped their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research report on Thursday, July 24th. Piper Sandler increased their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Barclays set a $1,210.00 price target on ServiceNow 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 issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the sale, the director directly owned 9,307 shares in the company, valued at $8,516,928.77. This trade represents a 10.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 over the last quarter. Insiders own 0.38% of the company's stock.

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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