ServiceNow, Inc. $NOW Shares Bought by R Squared Ltd

Key Points

• R Squared Ltd increased its stake in ServiceNow, Inc. by 37.8% in the second quarter, owning a total of 1,240 shares valued at approximately $1.275 million.
• ServiceNow reported a strong quarterly performance with $4.09 EPS, exceeding estimates by $0.52, and an annual revenue growth of 22.4% to $3.22 billion.
• Several investment firms have raised their price targets for ServiceNow, with Morgan Stanley upgrading the stock to "overweight" and setting a new price target of $1,250.00.

R Squared Ltd increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 37.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,240 shares of the information technology services provider's stock after acquiring an additional 340 shares during the period. ServiceNow comprises 0.7% of R Squared Ltd's investment portfolio, making the stock its 26th biggest position. R Squared Ltd's holdings in ServiceNow were worth $1,275,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its position in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of ServiceNow by 10.0% in the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after acquiring an additional 308 shares in the last quarter. Moran Wealth Management LLC increased its position in ServiceNow by 5.0% during the 1st quarter. Moran Wealth Management LLC now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 56 shares during the period. Golden State Equity Partners boosted its position in shares of ServiceNow by 12.4% during the 1st quarter. Golden State Equity Partners now owns 833 shares of the information technology services provider's stock worth $663,000 after purchasing an additional 92 shares in the last quarter. Finally, Daymark Wealth Partners LLC grew its position in ServiceNow by 42.9% during the first quarter. Daymark Wealth Partners LLC now owns 726 shares of the information technology services provider's stock worth $578,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 0.4%

ServiceNow stock opened at $939.60 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 firm's 50-day moving average is $916.59 and its 200-day moving average is $939.53. The company has a market cap of $195.44 billion, a P/E ratio of 118.34, a PEG ratio of 4.21 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last year, the company posted $3.13 earnings per share. ServiceNow's revenue was up 22.4% on a year-over-year basis. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total value of $1,299,612.60. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NOW. Oppenheimer reissued an "outperform" rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. Wells Fargo & Company increased their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Piper Sandler increased their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Two investment 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average target price of $1,124.17.

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.

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