ServiceNow, Inc. $NOW Stock Position Raised by Wilmington Savings Fund Society FSB

Key Points

• Wilmington Savings Fund Society FSB raised its position in ServiceNow, Inc. by 16.6%, acquiring additional shares during the second quarter, bringing their total holdings to a value of $6,832,000.
• ServiceNow reported a $4.09 EPS for the latest quarter, exceeding analysts' expectations of $3.57, with a year-over-year revenue increase of 22.4%.
• Multiple hedge funds have significantly increased their positions in ServiceNow, with over 87% of the company's stock now owned by institutional investors.

Wilmington Savings Fund Society FSB lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,645 shares of the information technology services provider's stock after acquiring an additional 948 shares during the quarter. Wilmington Savings Fund Society FSB's holdings in ServiceNow were worth $6,832,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NOW. Bogart Wealth LLC lifted its position in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow in the 1st quarter valued at approximately $26,000. WASHINGTON TRUST Co lifted its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in shares of ServiceNow in the 2nd quarter valued at approximately $30,000. Finally, Dagco Inc. purchased a new stake in ServiceNow in the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW opened at $912.15 on Wednesday. The company's fifty day moving average is $909.39 and its 200-day moving average is $933.73. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a market cap of $189.73 billion, a price-to-earnings ratio of 114.88, a price-to-earnings-growth ratio of 4.16 and a beta of 0.92. 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 announced its quarterly earnings results 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 net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock worth $16,798,825 in the last ninety days. 0.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Guggenheim reiterated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. UBS Group cut their target price on shares of ServiceNow from $1,100.00 to $1,075.00 and set a "buy" rating for the company in a research report on Tuesday. Bank of America increased 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 report on Thursday, July 24th. Finally, Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,121.37.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.