US Bancorp DE Buys 10,017 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• US Bancorp DE has increased its stake in ServiceNow by 5.3%, acquiring an additional 10,017 shares which brings their total ownership to 198,694 shares valued at approximately $158 million.
• ServiceNow reported earnings of $4.09 per share for the last quarter, surpassing analyst expectations of $3.57, with a revenue increase of 22.4% year-over-year.
• Insider trading activity includes significant sales by Director Lawrence Jackson and Vice Chairman Nicholas Tzitzon, affecting their positions by a decrease of 56.28% and 28.07%, respectively.

US Bancorp DE raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 198,694 shares of the information technology services provider's stock after purchasing an additional 10,017 shares during the period. US Bancorp DE owned 0.10% of ServiceNow worth $158,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Brighton Jones LLC raised its position in shares of ServiceNow by 1.1% during the 4th 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. Private Portfolio Partners LLC raised its position in shares of ServiceNow by 4.4% during the 4th quarter. Private Portfolio Partners LLC now owns 525 shares of the information technology services provider's stock valued at $557,000 after buying an additional 22 shares in the last quarter. OneAscent Financial Services LLC raised its position in shares of ServiceNow by 115.4% during the 4th quarter. OneAscent Financial Services LLC now owns 491 shares of the information technology services provider's stock valued at $521,000 after buying an additional 263 shares in the last quarter. Biltmore Family Office LLC purchased a new stake in shares of ServiceNow during the 4th quarter valued at about $222,000. Finally, Nicolet Advisory Services LLC raised its position in shares of ServiceNow by 9.4% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,109 shares of the information technology services provider's stock valued at $1,136,000 after buying an additional 95 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In related news, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the sale, the director owned 588 shares in the company, valued at approximately $582,414. This trade represents a 56.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,990 shares of company stock worth $6,047,567. Insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

NOW opened at $942.84 on Friday. 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 firm has a market capitalization of $196.11 billion, a PE ratio of 118.75, a PEG ratio of 4.40 and a beta of 0.94. The firm's 50-day moving average price is $996.72 and its 200 day moving average price is $951.56. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NOW. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a research report on Tuesday. Evercore ISI increased their price objective on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Canaccord Genuity Group reduced their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Citigroup increased their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

About ServiceNow

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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