ServiceNow, Inc. $NOW Shares Acquired by First National Bank of Hutchinson

Key Points

• First National Bank of Hutchinson increased its stake in ServiceNow, Inc. by 41.8%, owning a total of 1,263 shares worth approximately $1,298,000.
• ServiceNow reported $4.09 EPS for the last quarter, exceeding analysts' estimates of $3.57, and experienced a 22.4% year-over-year revenue growth, totaling $3.22 billion.
• Analysts have raised their price targets for ServiceNow, with Citigroup increasing it to $1,234.00 and Bank of America lifting it to $1,200.00, both maintaining a "buy" rating.

First National Bank of Hutchinson increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 41.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,263 shares of the information technology services provider's stock after acquiring an additional 372 shares during the period. ServiceNow makes up 0.8% of First National Bank of Hutchinson's investment portfolio, making the stock its 26th largest position. First National Bank of Hutchinson's holdings in ServiceNow were worth $1,298,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after acquiring an additional 297,734 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of ServiceNow by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after acquiring an additional 188,292 shares during the last quarter. Nuveen LLC acquired a new stake in shares of ServiceNow in the first quarter worth approximately $1,817,535,000. Alliancebernstein L.P. boosted its position in shares of ServiceNow by 16.2% in the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock worth $1,379,461,000 after acquiring an additional 242,132 shares during the last quarter. Finally, Amundi boosted its position in shares of ServiceNow by 61.9% in the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after acquiring an additional 626,623 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Up 1.1%

Shares of NYSE NOW opened at $904.57 on Friday. 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 1 year low of $678.66 and a 1 year high of $1,198.09. The stock's 50-day simple moving average is $910.30 and its 200-day simple moving average is $934.82. The firm has a market cap of $188.15 billion, a price-to-earnings ratio of 113.93, a PEG ratio of 4.03 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares of the company's stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were 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 owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on NOW shares. Citigroup lifted their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. DA Davidson lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Bank of America lifted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research report on Thursday, July 17th. Finally, Barclays set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Two 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 company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,121.37.

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.

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