ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its holdings in ServiceNow, Inc. by 131.4%, now owning approximately 1.48 million shares valued at about $1.18 billion.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, exceeding estimates and reflecting a 22.4% year-over-year revenue growth.
• Institutional investors own about 87.18% of ServiceNow's stock, indicating significant institutional interest in the company.

Goldman Sachs Group Inc. raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 131.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,480,526 shares of the information technology services provider's stock after buying an additional 840,731 shares during the quarter. Goldman Sachs Group Inc. owned about 0.72% of ServiceNow worth $1,178,706,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of NOW. Intrust Bank NA raised its holdings in shares of ServiceNow by 11.5% during the first quarter. Intrust Bank NA now owns 1,539 shares of the information technology services provider's stock worth $1,225,000 after purchasing an additional 159 shares during the period. Renasant Bank boosted its holdings in shares of ServiceNow by 17.4% in the 1st quarter. Renasant Bank now owns 755 shares of the information technology services provider's stock valued at $601,000 after buying an additional 112 shares during the period. Vision Financial Markets LLC bought a new stake in shares of ServiceNow during the 1st quarter valued at about $60,000. ABC Arbitrage SA grew its position in shares of ServiceNow by 49.3% during the 1st quarter. ABC Arbitrage SA now owns 1,965 shares of the information technology services provider's stock valued at $1,564,000 after buying an additional 649 shares during the last quarter. Finally, LCM Capital Management Inc raised its stake in ServiceNow by 7.0% during the first quarter. LCM Capital Management Inc now owns 443 shares of the information technology services provider's stock worth $353,000 after acquiring an additional 29 shares during the period. Institutional investors own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In related news, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the transaction, the director owned 588 shares of the company's stock, valued at approximately $582,414. This trade represents a 56.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,990 shares of company stock valued at $6,047,567 over the last 90 days. 0.38% of the stock is owned by insiders.

ServiceNow Stock Down 2.0%

NOW stock opened at $904.60 on Wednesday. The firm has a market cap of $188.16 billion, a PE ratio of 113.93, a P/E/G ratio of 4.16 and a beta of 0.93. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a 50 day simple moving average of $990.76 and a 200 day simple moving average of $947.93.

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 (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm's revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.13 earnings per share. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on NOW shares. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Citigroup raised their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. reduced their price objective on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Royal Bank Of Canada upped their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Finally, BMO Capital Markets raised their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.

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