Venture Visionary Partners LLC Increases Stake in ServiceNow, Inc. $NOW

Key Points

• Venture Visionary Partners LLC has increased its stake in ServiceNow, Inc. by 12.9%, bringing its total ownership to 7,439 shares valued at approximately $7.65 million.
• ServiceNow reported a strong quarterly earnings performance with an EPS of $4.09, exceeding analyst expectations and a revenue of $3.22 billion, representing a 22.4% year-over-year increase.
• Corporate insiders have been selling shares, with notable transactions by the General Counsel and the CEO, resulting in a combined sale of nearly $7 million in stock over recent weeks.

Venture Visionary Partners LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,439 shares of the information technology services provider's stock after buying an additional 848 shares during the quarter. Venture Visionary Partners LLC's holdings in ServiceNow were worth $7,648,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NOW. Haverford Trust Co lifted its position in ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares during the last quarter. Ascent Group LLC increased its stake in shares of ServiceNow by 0.5% during the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock valued at $1,628,000 after buying an additional 10 shares during the period. Edgemoor Investment Advisors Inc. increased its stake in shares of ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares during the period. Integrated Investment Consultants LLC increased its stake in shares of ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after buying an additional 11 shares during the period. Finally, one8zero8 LLC increased its stake in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after buying an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,976 shares of company stock valued at $17,049,775. Corporate insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NYSE:NOW opened at $940.05 on Tuesday. 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 50 day moving average of $919.33 and a two-hundred day moving average of $928.48. The firm has a market cap of $195.53 billion, a P/E ratio of 118.39, a price-to-earnings-growth ratio of 4.22 and a beta of 0.91. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during 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 business's revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.13 earnings per share. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. FBN Securities raised ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Bank of America boosted their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Citigroup boosted their target price 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. UBS Group reduced their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Finally, Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,122.20.

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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