Sunpointe LLC Increases Stock Position in ServiceNow, Inc. $NOW

Key Points

• Sunpointe LLC increased its stake in ServiceNow, Inc. by 348.5% in the second quarter, owning 1,323 shares valued at approximately $1.36 million.
• ServiceNow reported strong earnings with $4.09 EPS, surpassing estimates of $3.57, and 22.4% year-over-year revenue growth for the quarter.
• Analysts remain optimistic with a consensus target price of $1,115.20, with many rating the stock as a "Moderate Buy" or better.

Sunpointe LLC grew its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 348.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,323 shares of the information technology services provider's stock after acquiring an additional 1,028 shares during the quarter. Sunpointe LLC's holdings in ServiceNow were worth $1,360,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares during the period. Silvercrest Asset Management Group LLC lifted its stake in shares of ServiceNow by 11.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 3,213 shares of the information technology services provider's stock worth $3,406,000 after purchasing an additional 326 shares in the last quarter. Strategic Wealth Partners Ltd. purchased a new stake in shares of ServiceNow in the fourth quarter worth about $241,000. Two Sigma Investments LP grew its stake in shares of ServiceNow by 1.5% in the fourth quarter. Two Sigma Investments LP now owns 4,405 shares of the information technology services provider's stock valued at $4,670,000 after buying an additional 67 shares in the last quarter. Finally, Visionary Wealth Advisors raised its holdings in shares of ServiceNow by 3.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,671 shares of the information technology services provider's stock valued at $1,771,000 after buying an additional 48 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Trading Down 1.6%

Shares of NYSE NOW opened at $932.28 on Wednesday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a market cap of $193.91 billion, a price-to-earnings ratio of 117.42, a price-to-earnings-growth ratio of 4.27 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock's 50 day simple moving average is $923.80 and its 200 day simple moving average is $922.54.

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 analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm's revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.13 EPS. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on NOW shares. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. Oppenheimer reissued an "outperform" rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Piper Sandler upped their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Citigroup boosted their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the transaction, the insider directly owned 457 shares of the company's stock, valued at $409,037.85. The trade was a 76.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares in the company, valued at $8,516,928.77. The trade was a 10.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 over the last 90 days. Corporate 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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