Shell Asset Management Co. Acquires 2,546 Shares of ServiceNow, Inc. $NOW

Key Points

• Shell Asset Management Co. increased its holdings in ServiceNow, Inc. by 15.2%, acquiring an additional 2,546 shares, resulting in a total of 19,282 shares valued at $19,823,000.
• Insiders at ServiceNow sold a significant number of shares recently, with Paul Fipps selling 1,452 shares and Russell S. Elmer selling 1,698 shares, which reduced their ownership by 76.06% and 28.16% respectively.
• ServiceNow's stock recently opened at $913.27 and the company reported better-than-expected quarterly earnings with a revenue increase of 22.4% compared to the same quarter last year.

Shell Asset Management Co. grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,282 shares of the information technology services provider's stock after purchasing an additional 2,546 shares during the period. ServiceNow comprises about 0.7% of Shell Asset Management Co.'s investment portfolio, making the stock its 18th biggest holding. Shell Asset Management Co.'s holdings in ServiceNow were worth $19,823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. Global X Japan Co. Ltd. purchased a new position in ServiceNow during the second quarter valued at $30,000. Bogart Wealth LLC lifted its position in shares of ServiceNow by 113.3% in the first 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 position in shares of ServiceNow in the first quarter valued at about $26,000. WASHINGTON TRUST Co lifted its position in shares of ServiceNow by 620.0% in the first 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. Finally, Dagco Inc. purchased a new position in shares of ServiceNow in the first quarter valued at about $33,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares in the company, valued at $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock valued at $16,798,825 over the last 90 days. Insiders own 0.38% of the company's stock.

ServiceNow Stock Up 0.1%

Shares of NYSE:NOW opened at $913.27 on Tuesday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock has a market cap of $189.96 billion, a P/E ratio of 115.02, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92. The business's 50 day moving average is $913.22 and its 200 day moving average is $931.27. 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 data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping 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%.ServiceNow's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.13 earnings per share. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings restated a "hold (c)" rating on shares of ServiceNow in a research report on Saturday, September 27th. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Needham & Company LLC lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Mizuho lifted their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Finally, BMO Capital Markets lifted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,122.20.

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.

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.