Arkadios Wealth Advisors Acquires 3,934 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Arkadios Wealth Advisors significantly increased its stake in ServiceNow, Inc., boosting ownership by 129% during the first quarter, bringing its total holdings to 6,984 shares valued at approximately $5.56 million.
• ServiceNow's quarterly earnings exceeded expectations, reporting $4.09 EPS against a consensus estimate of $3.57, with revenue of $3.22 billion for the quarter.
• Various analysts have raised their price targets for ServiceNow, with Needham & Company setting a new target of $1,200 and the company receiving an overall consensus rating of Moderate Buy.

Arkadios Wealth Advisors grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 129.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,984 shares of the information technology services provider's stock after buying an additional 3,934 shares during the quarter. Arkadios Wealth Advisors' holdings in ServiceNow were worth $5,560,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after buying an additional 877,875 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after buying an additional 509,467 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in ServiceNow by 36.7% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock worth $1,940,464,000 after buying an additional 491,861 shares during the period. Finally, Sustainable Growth Advisers LP lifted its holdings in ServiceNow by 96.7% in the first quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock worth $575,973,000 after buying an additional 355,629 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

NOW stock traded down $34.65 during mid-day trading on Thursday, hitting $942.84. The company had a trading volume of 2,122,595 shares, compared to its average volume of 1,486,271. The company has a market capitalization of $196.11 billion, a price-to-earnings ratio of 118.75, a P/E/G ratio of 4.40 and a beta of 0.94. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $996.72 and a 200 day moving average price of $951.56.

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. The business had revenue of $3.22 billion for 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%. The business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.13 EPS. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

NOW has been the subject of several research analyst reports. JMP Securities restated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Tuesday, July 22nd. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday. Stifel Nicolaus lifted their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. 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 report on Thursday, July 24th. Finally, Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insiders Place Their Bets

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

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.