ServiceNow, Inc. $NOW Shares Acquired by Walter Public Investments Inc.

Key Points

• Walter Public Investments Inc. increased its stake in ServiceNow by 8.1%, owning approximately 17,979 shares valued at $18.48 million.
• ServiceNow's recent earnings report showed a 22.4% increase in revenue year-over-year, with earnings per share of $4.09, exceeding analysts' expectations.
• CEO William R. Mcdermott sold 5,825 shares, resulting in a 46.83% decrease in his position, while insider sales totaled $17.05 million in the last 90 days.

Walter Public Investments Inc. increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,979 shares of the information technology services provider's stock after acquiring an additional 1,349 shares during the quarter. ServiceNow makes up 3.1% of Walter Public Investments Inc.'s holdings, making the stock its 15th largest holding. Walter Public Investments Inc.'s holdings in ServiceNow were worth $18,484,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Wealth Preservation Advisors LLC acquired a new position in shares of ServiceNow in the 1st quarter worth $382,000. Corient IA LLC acquired a new position in shares of ServiceNow in the 1st quarter worth $796,000. Parr Mcknight Wealth Management Group LLC acquired a new position in shares of ServiceNow in the 1st quarter worth $1,820,000. ASR Vermogensbeheer N.V. purchased a new position in shares of ServiceNow during the first quarter valued at $19,278,000. Finally, Goldman Sachs Group Inc. grew its holdings 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 valued at $1,178,706,000 after buying an additional 840,731 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $10,594,950.60. This represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 in the last ninety days. 0.38% of the stock is owned by insiders.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $963.21 on Friday. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The business has a 50-day moving average of $922.60 and a two-hundred day moving average of $923.43. The stock has a market capitalization of $200.35 billion, a P/E ratio of 121.31, a P/E/G ratio of 4.33 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the firm earned $3.13 earnings per share. The business's quarterly revenue was up 22.4% compared to the same quarter last year. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Ratings Changes

NOW has been the topic of a number of research analyst reports. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. Bank of America lifted their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Jefferies Financial Group lifted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Finally, JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target 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.

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