Teamwork Financial Advisors LLC Buys 123,035 Shares of ServiceNow, Inc. $NOW

Key Points

• Teamwork Financial Advisors increased its ServiceNow stake by 389.2% in the second quarter, purchasing 123,035 additional shares and bringing its holdings to 154,649 shares valued at approximately $15.35 million.
• Institutional investors own 87.18% of ServiceNow, while company insiders sold 18,993 shares worth about $1.72 million during the last quarter.
• ServiceNow exceeded quarterly earnings and revenue expectations, reporting $0.90 in EPS and $3.99 billion in revenue, up 24% year over year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $143.39.

Teamwork Financial Advisors LLC grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 389.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 154,649 shares of the information technology services provider's stock after buying an additional 123,035 shares during the period. ServiceNow makes up 1.4% of Teamwork Financial Advisors LLC's investment portfolio, making the stock its 23rd biggest holding. Teamwork Financial Advisors LLC's holdings in ServiceNow were worth $15,354,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NOW. Brighton Jones LLC increased its stake in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Sivia Capital Partners LLC lifted its position in shares of ServiceNow by 4.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock worth $861,000 after acquiring an additional 34 shares during the period. United Bank grew its holdings in shares of ServiceNow by 15.5% during the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider's stock worth $1,562,000 after purchasing an additional 204 shares in the last quarter. Riggs Asset Managment Co. Inc. grew its holdings in shares of ServiceNow by 2.2% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock worth $1,976,000 after purchasing an additional 42 shares in the last quarter. Finally, Nebula Research & Development LLC increased its position in shares of ServiceNow by 205.1% during the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock valued at $931,000 after purchasing an additional 609 shares during the period. Institutional investors own 87.18% of the company's stock.

Insider Buying and Selling

In related news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director directly owned 44,930 shares of the company's stock, valued at $3,919,243.90. This trade represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the completion of the transaction, the director owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 18,993 shares of company stock worth $1,716,436 in the last quarter. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NOW. JPMorgan Chase & Co. upped their target price on ServiceNow from $145.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Capital One Financial lifted their price target on shares of ServiceNow from $105.00 to $120.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Truist Financial boosted their price target on shares of ServiceNow from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Weiss Ratings cut shares of ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, July 10th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $143.39.

ServiceNow Price Performance

ServiceNow stock opened at $124.91 on Friday. The business has a 50 day simple moving average of $106.73 and a 200 day simple moving average of $105.86. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $129.16 billion, a PE ratio of 78.07, a price-to-earnings-growth ratio of 2.06 and a beta of 0.94. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business's revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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