Parallel Advisors LLC Has $5.86 Million Stock Position in ServiceNow, Inc. $NOW

Key Points

• Parallel Advisors LLC increased its shareholding in ServiceNow, Inc. by 6.9% during the second quarter, now owning 5,704 shares valued at approximately $5.86 million.
• Company insiders, including Vice Chairman Nicholas Tzitzon and insider Jacqueline P. Canney, sold significant portions of their stock on August 18th, indicating a decrease in their positions.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' expectations, with a quarterly revenue increase of 22.4% year-over-year, totaling $3.22 billion.

Parallel Advisors LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,704 shares of the information technology services provider's stock after buying an additional 370 shares during the period. Parallel Advisors LLC's holdings in ServiceNow were worth $5,864,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bogart Wealth LLC boosted its stake in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow in the 1st quarter valued at $26,000. Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow in the 4th quarter valued at $37,000. WASHINGTON TRUST Co boosted its stake in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Dagco Inc. acquired a new stake in shares of ServiceNow in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In related news, insider Paul Fipps sold 1,452 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 457 shares of the company's stock, valued at approximately $409,037.85. This represents a 76.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred 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. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 in the last quarter. Company insiders own 0.38% of the company's stock.

ServiceNow Trading Down 1.6%

Shares of NOW stock traded down $15.14 on Tuesday, reaching $932.28. The company had a trading volume of 1,300,322 shares, compared to its average volume of 1,476,371. 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 stock has a market cap of $193.91 billion, a PE ratio of 117.42, a PEG ratio of 4.27 and a beta of 0.91. The company has a 50-day moving average of $923.80 and a 200-day moving average of $922.54. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced 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 company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the business posted $3.13 EPS. ServiceNow's revenue was up 22.4% on a year-over-year basis. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NOW shares. Guggenheim reiterated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research report on Thursday, July 17th. DA Davidson upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Citigroup upped their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Needham & Company LLC boosted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Oppenheimer reissued an "outperform" rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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.