Turtle Creek Wealth Advisors LLC Buys New Shares in ServiceNow, Inc. $NOW

Key Points

• Turtle Creek Wealth Advisors LLC purchased 1,747 shares of ServiceNow, Inc., valued at approximately $1,796,000, according to its second quarter report.
• ServiceNow's recent earnings report showed an EPS of $4.09, exceeding analysts' expectations, with quarterly revenue up 22.4% year-over-year.
• Insider sales included a 76.06% decrease in ownership for Paul Fipps and a 46.83% decrease for CEO William R. McDermott, indicating significant activity among top executives.

Turtle Creek Wealth Advisors LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,747 shares of the information technology services provider's stock, valued at approximately $1,796,000.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its position 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 buying an additional 30 shares in the last quarter. GAMMA Investing LLC lifted its position in ServiceNow by 10.0% during the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after buying an additional 308 shares in the last quarter. Sowell Financial Services LLC acquired a new position in ServiceNow during the first quarter valued at approximately $1,370,000. Vicus Capital lifted its position in ServiceNow by 49.8% during the first quarter. Vicus Capital now owns 737 shares of the information technology services provider's stock valued at $587,000 after buying an additional 245 shares in the last quarter. Finally, NBT Bank N A NY lifted its position in ServiceNow by 32.4% during the first quarter. NBT Bank N A NY now owns 1,442 shares of the information technology services provider's stock valued at $1,148,000 after buying an additional 353 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Trading Down 1.0%

NYSE NOW opened at $902.22 on Thursday. The company's fifty day simple moving average is $909.21 and its 200-day simple moving average is $933.51. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. 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 has a market cap of $187.66 billion, a P/E ratio of 113.63, a PEG ratio of 4.10 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results 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 business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 earnings per share. Equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of recent research reports. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. BMO Capital Markets lifted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Needham & Company LLC lifted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Zacks Research raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,121.37.

Insiders Place Their Bets

In related news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares in the company, valued at approximately $409,037.85. The trade was a 76.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by insiders.

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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