Vaughan Nelson Investment Management L.P. Boosts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Vaughan Nelson Investment Management L.P. increased its holdings in ServiceNow, Inc. by 14.1% during the second quarter, owning approximately 175,232 shares valued at about $180 million.
• ServiceNow's latest earnings report exceeded analysts' expectations with earnings per share of $4.09 and quarterly revenue of $3.22 billion, reflecting a year-over-year growth of 22.4%.
• Numerous hedge funds have recently purchased shares of ServiceNow, with institutional investors now owning around 87.18% of the company's stock.

Vaughan Nelson Investment Management L.P. boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 14.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 175,232 shares of the information technology services provider's stock after purchasing an additional 21,664 shares during the period. ServiceNow comprises 1.7% of Vaughan Nelson Investment Management L.P.'s holdings, making the stock its 12th largest position. Vaughan Nelson Investment Management L.P. owned approximately 0.08% of ServiceNow worth $180,153,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of NOW. Bogart Wealth LLC boosted its position in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the first quarter valued at $26,000. WASHINGTON TRUST Co raised its stake in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the period. Global X Japan Co. Ltd. bought a new stake in shares of ServiceNow in the second quarter valued at $30,000. Finally, Dagco Inc. bought a new stake in shares of ServiceNow in the first quarter valued at $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW opened at $911.75 on Friday. The firm has a market capitalization of $189.64 billion, a P/E ratio of 114.83, a P/E/G ratio of 4.10 and a beta of 0.92. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock's 50-day simple moving average is $914.67 and its two-hundred day simple moving average is $929.33. 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 announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.13 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the topic of several research reports. Piper Sandler boosted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Citigroup boosted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,122.20.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at $10,594,950.60. This represents a 12.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is owned by corporate insiders.

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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