ServiceNow, Inc. $NOW Shares Purchased by Waycross Partners LLC

Key Points

• Waycross Partners LLC increased its holdings in ServiceNow, Inc. by 3.2% during the second quarter, now owning 18,436 shares valued at approximately $18.95 million.
• ServiceNow reported a quarterly earnings per share of $4.09, surpassing the consensus estimate of $3.57, with revenue reaching $3.22 billion, a year-over-year increase of 22.4%.
• Institutional investors own 87.18% of ServiceNow's stocks, indicating strong institutional support for the company amidst changing investment landscapes.

Waycross Partners LLC lifted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,436 shares of the information technology services provider's stock after acquiring an additional 567 shares during the quarter. ServiceNow accounts for 1.8% of Waycross Partners LLC's holdings, making the stock its 23rd biggest position. Waycross Partners LLC's holdings in ServiceNow were worth $18,954,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. GAMMA Investing LLC grew its position in ServiceNow by 87,501.3% during the first 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 period. Nuveen LLC acquired a new stake in ServiceNow during the first quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in ServiceNow by 1,586.5% during the first 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 buying an additional 877,875 shares during the period. Goldman Sachs Group Inc. grew its position in 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 during the period. Finally, Parnassus Investments LLC acquired a new stake in shares of ServiceNow in the first quarter valued at about $519,806,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

NYSE:NOW opened at $928.34 on Wednesday. The company's 50-day moving average price is $921.75 and its 200-day moving average price is $924.54. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $193.09 billion, a P/E ratio of 116.92, a P/E/G ratio of 4.27 and a beta of 0.91. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period last year, the firm posted $3.13 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction 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. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NOW. Citigroup lifted their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Finally, Raymond James Financial lifted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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