Jackson Square Capital LLC Buys 1,243 Shares of ServiceNow, Inc. $NOW

Key Points

• Jackson Square Capital LLC increased its stake in ServiceNow, Inc. by 330.6% in Q2, bringing its total holdings to 1,619 shares valued at approximately $1.66 million.
• Wall Street analysts have raised their target prices for ServiceNow, with Wells Fargo boosting its target from $1,150 to $1,225 and multiple firms reiterating "overweight" or "buy" ratings.
• Insiders have sold a significant amount of stock recently, with 18,976 shares valued at nearly $17 million sold in the past three months, indicating potential shifts in internal confidence.

Jackson Square Capital LLC increased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 330.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,619 shares of the information technology services provider's stock after buying an additional 1,243 shares during the quarter. Jackson Square Capital LLC's holdings in ServiceNow were worth $1,664,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOW. Wealth Preservation Advisors LLC acquired a new stake in ServiceNow in the first quarter worth approximately $382,000. Corient IA LLC acquired a new stake in ServiceNow in the first quarter worth approximately $796,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in ServiceNow in the first quarter worth approximately $1,820,000. Goldman Sachs Group Inc. lifted its position in ServiceNow by 131.4% in 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 purchasing an additional 840,731 shares during the period. Finally, ASR Vermogensbeheer N.V. acquired a new stake in shares of ServiceNow during the 1st quarter valued at $19,278,000. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Citigroup increased their price objective on 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 increased their target price 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. Guggenheim restated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. BMO Capital Markets raised their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow 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 given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Up 1.6%

NYSE:NOW traded up $15.47 on Friday, hitting $963.21. 2,806,372 shares of the company's stock were exchanged, compared to its average volume of 1,416,023. The firm has a 50-day moving average price of $922.60 and a 200-day moving average price of $923.38. 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, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a market cap of $200.35 billion, a P/E ratio of 121.31, a price-to-earnings-growth ratio of 4.27 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $3.12 billion. During the same period in the previous year, the business earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 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 transaction of $1,353,394.90. Following the transaction, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. Insiders own 0.38% of the company's stock.

ServiceNow Company 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.