ServiceNow, Inc. $NOW Stake Boosted by Dock Street Asset Management Inc.

Key Points

• Dock Street Asset Management Inc. has increased its stake in ServiceNow by 4.9%, owning 44,538 shares now, which represent about 4.3% of its portfolio.
• Insider transactions included CEO William R. Mcdermott selling 5,825 shares, reducing his ownership by 46.83%, while CFO Gina Mastantuono sold 1,762 shares, lowering her stake by 12.59%.
• ServiceNow reported better-than-expected earnings with $4.09 earnings per share, surpassing analysts’ estimates of $3.57, while its revenue reached $3.22 billion for the quarter.

Dock Street Asset Management Inc. increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 44,538 shares of the information technology services provider's stock after buying an additional 2,095 shares during the quarter. ServiceNow accounts for approximately 4.3% of Dock Street Asset Management Inc.'s portfolio, making the stock its 6th largest holding. Dock Street Asset Management Inc.'s holdings in ServiceNow were worth $45,789,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bogart Wealth LLC lifted its holdings in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the first quarter valued at about $26,000. WASHINGTON TRUST Co lifted its holdings in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the last quarter. Global X Japan Co. Ltd. purchased a new stake in ServiceNow during the second quarter valued at about $30,000. Finally, Dagco Inc. purchased a new stake in ServiceNow during the first quarter valued at about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 1,762 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 $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Trading Down 1.3%

Shares of NOW opened at $912.15 on Wednesday. The firm's 50 day simple moving average is $909.39 and its 200 day simple moving average is $933.73. The company has a market capitalization of $189.73 billion, a P/E ratio of 114.88, a P/E/G ratio of 4.16 and a beta of 0.92. 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 announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The business 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%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the firm posted $3.13 earnings per share. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Piper Sandler upped their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Oppenheimer reiterated an "outperform" rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,121.37.

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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