ServiceNow, Inc. $NOW Shares Acquired by Ballentine Partners LLC

Key Points

• Ballentine Partners LLC increased its holdings in ServiceNow, Inc. by 8.7%, now owning 3,583 shares valued at approximately $3.68 million.
• Insider trading activity included CEO William R. Mcdermott selling 5,825 shares, reducing his ownership by 46.83%, which suggests potential concern over stock performance.
• ServiceNow recently reported quarterly earnings of $4.09 per share, surpassing analyst estimates and achieving a year-over-year revenue growth of 22.4%.

Ballentine Partners LLC lifted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,583 shares of the information technology services provider's stock after acquiring an additional 287 shares during the quarter. Ballentine Partners LLC's holdings in ServiceNow were worth $3,684,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in NOW. Haverford Trust Co boosted its holdings in 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 during the last quarter. Ascent Group LLC boosted its stake 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 worth $1,628,000 after buying an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. grew its holdings in ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after acquiring an additional 11 shares during the period. Integrated Investment Consultants LLC grew its holdings in ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after acquiring an additional 11 shares during the period. Finally, one8zero8 LLC raised its position in ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total value of $1,299,612.60. Following the transaction, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,976 shares of company stock valued at $17,049,775. Insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Piper Sandler raised their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Mizuho lifted their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Finally, JMP Securities restated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

Shares of NYSE NOW opened at $928.34 on Wednesday. The firm has a 50-day simple moving average of $921.75 and a 200-day simple moving average of $924.54. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $193.09 billion, a price-to-earnings ratio of 116.92, a price-to-earnings-growth ratio of 4.27 and a beta of 0.91. 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 posted its quarterly 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. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.13 earnings per share. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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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