Somerset Group LLC Buys Shares of 1,137 ServiceNow, Inc. (NYSE:NOW)

Key Points

• Somerset Group LLC acquired a new stake in ServiceNow, Inc. by purchasing 1,137 shares worth approximately $905,000 in the first quarter.
• Insider transactions revealed significant sales by director Lawrence Jackson and vice chairman Nicholas Tzitzon, with Jackson selling 757 shares and Tzitzon selling 1,171 shares, leading to notable decreases in their ownership positions.
• Analysts currently have a consensus rating of "Moderate Buy" for ServiceNow, with a target price of $1,115.20, reflecting strong confidence in the company's growth potential.

Somerset Group LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,137 shares of the information technology services provider's stock, valued at approximately $905,000.

A number of other large investors have also recently modified their holdings of the business. Quarry LP acquired a new position in shares of ServiceNow in the 4th quarter valued at about $27,000. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new position in ServiceNow during the 1st quarter worth approximately $26,000. Heck Capital Advisors LLC acquired a new position in ServiceNow during the 4th quarter worth approximately $37,000. Finally, WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, Director Lawrence Jackson sold 757 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the transaction, the director directly owned 588 shares in the company, valued at approximately $582,414. This represents a 56.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction that occurred on 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 sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 5,738 shares of company stock worth $5,713,973. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Citigroup increased their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Jefferies Financial Group increased their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Scotiabank set a $1,100.00 price objective on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Performance

Shares of NOW stock opened at $866.89 on Friday. The firm's 50 day moving average price is $967.03 and its 200-day moving average price is $935.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The firm has a market cap of $180.31 billion, a P/E ratio of 109.18, a P/E/G ratio of 3.83 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the business posted $3.13 EPS. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

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.