ServiceNow, Inc. $NOW Shares Acquired by Ethic Inc.

Key Points

• Ethic Inc. increased its holdings in ServiceNow, Inc. by 1.6%, bringing their total shares to 25,496, which are valued at approximately $26 million.
• ServiceNow reported $4.09 earnings per share for the last quarter, exceeding estimates by $0.52, and experienced a 22.4% revenue growth compared to the previous year.
• Despite recent performance, ServiceNow's stock is currently down 1.1% and analysts have mixed ratings, with a consensus price target of $1,121.37.

Ethic Inc. increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,496 shares of the information technology services provider's stock after buying an additional 397 shares during the quarter. ServiceNow accounts for about 0.5% of Ethic Inc.'s portfolio, making the stock its 26th largest position. Ethic Inc.'s holdings in ServiceNow were worth $26,067,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. Global X Japan Co. Ltd. acquired a new stake in ServiceNow in the 2nd quarter worth approximately $30,000. LGT Financial Advisors LLC acquired a new stake in shares of ServiceNow during the second quarter worth $32,000. Bogart Wealth LLC grew its holdings 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 valued at $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow during the first quarter valued at $26,000. Finally, Richardson Financial Services Inc. raised its stake in ServiceNow by 50.0% in the 2nd quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider's stock worth $33,000 after acquiring an additional 11 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.1%

NOW opened at $931.16 on Wednesday. The company has a fifty day moving average of $913.34 and a two-hundred day moving average of $938.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a market capitalization of $193.68 billion, a price-to-earnings ratio of 117.73, a PEG ratio of 4.13 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.13 EPS. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In related news, CEO William R. Mcdermott sold 5,825 shares of the business's stock in a transaction that occurred 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 sale, 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, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the sale, the insider owned 3,027 shares of the company's stock, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,737 shares of company stock worth $16,798,825. Insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. DA Davidson boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Weiss Ratings reiterated a "hold (c)" rating on shares of ServiceNow in a research report on Wednesday, October 8th. Guggenheim reissued a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research report on Thursday, July 17th. Needham & Company LLC upped their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Piper Sandler raised their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,121.37.

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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