ServiceNow, Inc. $NOW Shares Purchased by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC increased its holdings in ServiceNow, Inc. by 113.9% in Q2, owning 42,873 shares valued at approximately $44 million.
• ServiceNow reported quarterly earnings of $4.09 EPS, exceeding estimates and demonstrating a 22.4% revenue increase year-over-year.
• Analysts have set various target prices for ServiceNow, with the consensus target at $1,115.20 and a general rating of "Moderate Buy" based on 29 buy ratings.

Exchange Traded Concepts LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 113.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,873 shares of the information technology services provider's stock after purchasing an additional 22,828 shares during the quarter. ServiceNow accounts for 0.5% of Exchange Traded Concepts LLC's investment portfolio, making the stock its 29th largest holding. Exchange Traded Concepts LLC's holdings in ServiceNow were worth $44,077,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC raised its position in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. Nuveen LLC bought a new position in ServiceNow in the 1st quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its stake in ServiceNow by 1,586.5% in 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 purchasing an additional 877,875 shares during the period. Goldman Sachs Group Inc. grew its stake 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 worth $1,178,706,000 after acquiring an additional 840,731 shares during the period. Finally, Parnassus Investments LLC bought a new position in shares of ServiceNow during the 1st quarter worth $519,806,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the company. Piper Sandler raised their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Mizuho raised their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Citigroup raised their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Jefferies Financial Group raised 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. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

ServiceNow stock traded up $15.47 during midday trading on Friday, reaching $963.21. 2,806,372 shares of the stock traded hands, compared to its average volume of 1,416,023. The stock has a market cap of $200.35 billion, a P/E ratio of 121.31, a PEG ratio of 4.33 and a beta of 0.91. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock's fifty day moving average is $922.60 and its 200-day moving average is $923.43. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

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

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the company's 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 $1,526,684.90. Following the completion of the sale, the chief financial officer directly owned 12,228 shares in the company, valued at $10,594,950.60. This represents a 12.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 over the last quarter. Company insiders own 0.38% of the company's stock.

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.