Stoneridge Investment Partners LLC Buys 436 Shares of ServiceNow, Inc. $NOW

Key Points

• Stoneridge Investment Partners LLC increased its stake in ServiceNow, Inc. by 57.1%, acquiring an additional 436 shares, bringing its total holdings to 1,199 shares valued at approximately $955,000.
• ServiceNow reported stronger-than-expected quarterly earnings with an EPS of $4.09, surpassing analysts' estimates and a revenue of $3.22 billion, reflecting a year-over-year growth of 22.4%.
• Brokerages have varied opinions on ServiceNow stock, with price targets ranging from $900 to $1,250, and a consensus rating of "Moderate Buy" among analysts.

Stoneridge Investment Partners LLC boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 57.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,199 shares of the information technology services provider's stock after buying an additional 436 shares during the period. Stoneridge Investment Partners LLC's holdings in ServiceNow were worth $955,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bogart Wealth LLC grew its position in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow during the first quarter valued at approximately $26,000. Quarry LP bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co raised its stake in shares of ServiceNow by 620.0% during 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. bought a new position in ServiceNow in the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Down 0.5%

NOW stock opened at $887.4020 on Wednesday. The company has a market cap of $184.58 billion, a price-to-earnings ratio of 111.76, a PEG ratio of 4.02 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a 50-day moving average of $961.85 and a two-hundred day moving average of $931.84.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.13 EPS. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NOW. DA Davidson boosted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Canaccord Genuity Group lowered their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. UBS Group lowered their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Finally, Jefferies Financial Group raised their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Buying and Selling at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $860.00, for a total transaction of $258,000.00. Following the transaction, the director directly owned 9,886 shares of the company's stock, valued at $8,501,960. The trade was a 2.95% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,361 shares of company stock worth $10,579,976. Insiders own 0.38% of the company's stock.

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.

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