ServiceNow, Inc. $NOW Shares Purchased by MassMutual Private Wealth & Trust FSB

Key Points

• MassMutual Private Wealth & Trust FSB increased its holdings in ServiceNow, Inc. by 28.5% during Q2, now owning 22,716 shares valued at approximately $23.35 million.
• Institutional investors own 87.18% of ServiceNow, with several firms raising their stakes significantly in Q1, including Bogart Wealth LLC, which increased its ownership by 113.3%.
• ServiceNow reported a Q2 earnings per share of $4.09, surpassing estimates by $0.52, alongside a revenue of $3.22 billion, showing a 22.4% year-over-year increase.

MassMutual Private Wealth & Trust FSB increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 28.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,716 shares of the information technology services provider's stock after acquiring an additional 5,035 shares during the quarter. MassMutual Private Wealth & Trust FSB's holdings in ServiceNow were worth $23,354,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new position in ServiceNow during the first quarter worth about $26,000. WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the period. Dagco Inc. purchased a new position in ServiceNow during the first quarter worth about $33,000. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow during the fourth quarter worth about $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Bank of America lifted their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Raymond James Financial lifted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. DA Davidson boosted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Needham & Company LLC boosted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Barclays set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Up 2.1%

Shares of NYSE:NOW opened at $948.28 on Tuesday. The stock has a market cap of $197.24 billion, a P/E ratio of 119.43, a P/E/G ratio of 4.18 and a beta of 0.91. The firm has a fifty day moving average price of $925.62 and a 200 day moving average price of $922.47. 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 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued 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. The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.13 EPS. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity

In related news, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The shares were 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 owned 457 shares in the company, valued at $409,037.85. This represents a 76.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% 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 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

ServiceNow 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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