SWS Partners Buys 1,149 Shares of ServiceNow, Inc. $NOW

Key Points

• SWS Partners increased its stake in ServiceNow, Inc. by 73.1% in Q2, acquiring an additional 1,149 shares to total 2,720 shares valued at approximately $2.8 million.
• ServiceNow reported $4.09 EPS for the last quarter, significantly exceeding the estimated $3.57 EPS, with revenues rising 22.4% year-over-year to $3.22 billion.
• Institutional investors own 87.18% of ServiceNow's stock, reflecting strong interest from major financial entities such as Nuveen LLC and Goldman Sachs Group Inc., which have made substantial investments in the company.

SWS Partners grew its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 73.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,720 shares of the information technology services provider's stock after purchasing an additional 1,149 shares during the quarter. SWS Partners' holdings in ServiceNow were worth $2,797,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NOW. Nuveen LLC bought a new position in ServiceNow in the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in ServiceNow by 131.4% in the 1st 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 in the last quarter. Parnassus Investments LLC bought a new position in ServiceNow in the 1st quarter worth $519,806,000. Finally, Amundi raised its holdings in ServiceNow by 61.9% in the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $936.76 on Monday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company's 50-day moving average is $919.74 and its 200 day moving average is $927.82. The company has a market capitalization of $194.85 billion, a price-to-earnings ratio of 117.98, a price-to-earnings-growth ratio of 4.22 and a beta of 0.91. 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 (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm posted $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on NOW shares. BMO Capital Markets upped their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Jefferies Financial Group increased their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Guggenheim reiterated a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Piper Sandler increased their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,122.20.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction dated 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 sale, the director directly owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

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.

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