ServiceNow, Inc. $NOW Shares Acquired by Balefire LLC

Key Points

• Balefire LLC increased its stake in ServiceNow, Inc. by 275.8%, owning 1,552 shares valued at approximately $1.6 million at the end of the second quarter.
• ServiceNow reported a 22.4% increase in quarterly revenue year-over-year, with earnings per share of $4.09 exceeding estimates of $3.57.
• Insider transactions revealed significant stock sales, with CEO William R. Mcdermott and Director Anita M. Sands reducing their holdings by 46.83% and 10.54% respectively.

Balefire LLC boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 275.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,552 shares of the information technology services provider's stock after buying an additional 1,139 shares during the quarter. Balefire LLC's holdings in ServiceNow were worth $1,596,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of NOW. GAMMA Investing LLC boosted its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Nuveen LLC acquired a new position in shares of ServiceNow in the 1st quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Finally, Parnassus Investments LLC purchased a new stake in ServiceNow in the first quarter valued at $519,806,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

NOW stock opened at $932.28 on Wednesday. The firm has a 50 day moving average of $923.80 and a 200-day moving average of $922.54. The company has a market cap of $193.91 billion, a price-to-earnings ratio of 117.42, a PEG ratio of 4.27 and a beta of 0.91. 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.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate 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%.ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the business posted $3.13 EPS. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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 transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 in the last three months. 0.38% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on NOW. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Citigroup lifted their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 price objective on ServiceNow in a report on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. One research 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 company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.