Guggenheim Capital LLC Increases Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Guggenheim Capital LLC increased its holdings in ServiceNow, Inc. by 4.1%, now owning 48,443 shares valued at approximately $38.57 million.
• ServiceNow's Q2 earnings report revealed an EPS of $4.09, exceeding analysts' expectations of $3.57, while revenue rose by 22.4% year-over-year to $3.22 billion.
• Analysts show strong confidence in the company's growth potential, with an average price target of $1,115.20 and several upgrades to "buy" ratings from various brokerages.

Guggenheim Capital LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,443 shares of the information technology services provider's stock after buying an additional 1,895 shares during the quarter. Guggenheim Capital LLC's holdings in ServiceNow were worth $38,567,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in NOW. GAMMA Investing LLC boosted its stake in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Nuveen LLC acquired a new position in shares of ServiceNow during the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of 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 valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of 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 valued at $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after acquiring an additional 491,861 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 1,585 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the transaction, the chief executive officer directly owned 12,439 shares in the company, valued at approximately $11,195,100. This trade represents a 11.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,302 shares of company stock valued at $10,956,796. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Piper Sandler boosted 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. Raymond James Financial boosted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Mizuho upped their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. 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 company's stock. According to MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Down 1.1%

NYSE:NOW traded down $10.12 during mid-day trading on Friday, hitting $918.49. The stock had a trading volume of 1,881,767 shares, compared to its average volume of 1,914,586. 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 twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a market capitalization of $191.04 billion, a PE ratio of 115.68, a PEG ratio of 4.19 and a beta of 0.93. The stock has a 50-day simple moving average of $945.88 and a two-hundred day simple moving average of $925.54.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data 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 net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm posted $3.13 EPS. The company's quarterly revenue was up 22.4% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

About ServiceNow

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.