First Financial Bankshares Inc Has $20.69 Million Stake in ServiceNow, Inc. $NOW

Key Points

• First Financial Bankshares Inc increased its stake in ServiceNow, Inc. by 22.5% in the first quarter, owning 25,992 shares valued at approximately $20.69 million.
• Insider transactions included General Counsel Russell S. Elmer and Vice Chairman Nicholas Tzitzon who sold shares at prices around $884.26 and $866.45, respectively, representing significant decreases in their ownership.
• ServiceNow's recent quarterly earnings beat estimates with an EPS of $4.09 and revenue of $3.22 billion, showing a year-over-year revenue increase of 22.4%.

First Financial Bankshares Inc raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 22.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,992 shares of the information technology services provider's stock after buying an additional 4,768 shares during the period. First Financial Bankshares Inc's holdings in ServiceNow were worth $20,693,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of 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 bought a new position in ServiceNow during the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its position in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ServiceNow by 131.4% during the first 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 during the last quarter. Finally, Parnassus Investments LLC acquired a new stake in ServiceNow in the first quarter worth $519,806,000. Institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% 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 worth $17,049,775 over the last 90 days. Insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Stifel Nicolaus raised their price objective on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Finally, Raymond James Financial boosted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Performance

NOW traded up $8.58 on Wednesday, hitting $920.00. 1,314,750 shares of the company's stock were exchanged, compared to its average volume of 1,853,854. The stock has a fifty day moving average of $943.00 and a two-hundred day moving average of $924.15. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $191.36 billion, a PE ratio of 106.56, a P/E/G ratio of 4.14 and a beta of 0.91. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

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

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.