ServiceNow, Inc. $NOW Stake Lifted by Silver Oak Securities Incorporated

Key Points

• Silver Oak Securities Incorporated has increased its stake in ServiceNow, Inc. by 41.0%, bringing its holdings to 936 shares valued at approximately $962,000.
• ServiceNow received several upgrades from analysts, with price targets raised to as high as $1,234.00, indicating strong bullish sentiment among ratings.
• Insider selling activity was noted, with Vice Chairman Nicholas Tzitzon and General Counsel Russell S. Elmer reducing their ownership, selling shares worth over $2.9 million combined.

Silver Oak Securities Incorporated raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 41.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 936 shares of the information technology services provider's stock after acquiring an additional 272 shares during the period. Silver Oak Securities Incorporated's holdings in ServiceNow were worth $962,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Wealth Preservation Advisors LLC bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $382,000. Corient IA LLC acquired a new position in shares of ServiceNow during the 1st quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new position in shares of ServiceNow during the 1st quarter worth approximately $1,820,000. ASR Vermogensbeheer N.V. purchased a new stake in shares of ServiceNow in the first quarter valued at about $19,278,000. Finally, Goldman Sachs Group Inc. increased its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NOW has been the subject of several research reports. Mizuho raised their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Guggenheim reaffirmed a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Finally, Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Up 1.6%

Shares of NOW stock traded up $15.47 during trading on Friday, reaching $963.21. The company's stock had a trading volume of 2,806,372 shares, compared to its average volume of 1,502,164. The stock's 50-day moving average price is $922.60 and its 200 day moving average price is $923.83. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year 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 company has a market capitalization of $200.35 billion, a price-to-earnings ratio of 121.31, a P/E/G ratio of 4.33 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results 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 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 company's quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the company earned $3.13 earnings per share. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the transaction, the insider owned 457 shares of the company's stock, valued at $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by insiders.

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.