Woodline Partners LP Buys 9,243 Shares of ServiceNow, Inc. $NOW

Key Points

• Woodline Partners LP has increased its stake in ServiceNow by 108.6%, owning a total of 17,754 shares valued at approximately $14.1 million after acquiring an additional 9,243 shares in the first quarter.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' expectations of $3.57, with a year-over-year revenue increase of 22.4%.
• Following recent sales by executives, insiders have sold a total of 18,976 shares valued at around $17 million, with current insider ownership at just 0.38%.

Woodline Partners LP increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 108.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,754 shares of the information technology services provider's stock after buying an additional 9,243 shares during the quarter. Woodline Partners LP's holdings in ServiceNow were worth $14,135,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Preservation Advisors LLC bought a new position in shares of ServiceNow during the 1st quarter worth approximately $382,000. Corient IA LLC bought a new position in ServiceNow in the 1st quarter valued at $796,000. Parr Mcknight Wealth Management Group LLC bought a new position in ServiceNow in the 1st quarter valued at $1,820,000. ASR Vermogensbeheer N.V. bought a new position in ServiceNow in the 1st quarter valued at $19,278,000. Finally, Goldman Sachs Group Inc. raised its position in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 0.9%

NOW stock opened at $924.89 on Thursday. The company has a market cap of $192.38 billion, a P/E ratio of 116.49, a PEG ratio of 4.21 and a beta of 0.91. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. 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 business has a fifty day moving average of $931.78 and a 200-day moving average of $922.31.

ServiceNow (NYSE:NOW - Get Free Report) last released 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 company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.13 earnings per share. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow 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 sale, the general counsel directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $5,339,369.75. Following the sale, the chief executive officer directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 over the last quarter. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

NOW has been the subject of several research analyst reports. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. DA Davidson lifted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. BMO Capital Markets lifted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Finally, Jefferies Financial Group lifted their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

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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