ServiceNow, Inc. (NYSE:NOW) Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in ServiceNow, Inc. by 4.8%, owning approximately 1.36 million shares valued at over $1 billion.
• ServiceNow reported an EPS of $4.09 for the last quarter, surpassing expectations, and its revenue rose by 22.4% year-over-year to $3.22 billion.
• Analysts have a generally positive outlook on ServiceNow, with several raising their price targets, including Wells Fargo boosting it to $1,225.

Charles Schwab Investment Management Inc. grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,355,146 shares of the information technology services provider's stock after purchasing an additional 62,224 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.65% of ServiceNow worth $1,078,886,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOW. Edgemoor Investment Advisors Inc. increased its position in ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after acquiring an additional 11 shares during the period. Integrated Investment Consultants LLC grew its position in ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares during the last quarter. one8zero8 LLC grew its position in ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares during the last quarter. Capital Investment Advisory Services LLC increased its holdings in shares of ServiceNow by 2.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after purchasing an additional 12 shares during the period. Finally, Argent Trust Co raised its position in shares of ServiceNow by 0.4% during the first quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock valued at $2,677,000 after buying an additional 12 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Up 0.7%

Shares of NYSE:NOW opened at $911.07 on Thursday. 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 stock has a market cap of $189.50 billion, a price-to-earnings ratio of 114.74, a P/E/G ratio of 4.08 and a beta of 0.93. The company has a 50 day moving average of $988.58 and a 200-day moving average of $947.68. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 EPS. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $2,074,620.50. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock valued at $5,318,667 in the last ninety days. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOW. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Evercore ISI lifted their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Erste Group Bank restated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Citigroup upped 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 note on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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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