Strategic Advocates LLC Grows Stock Position in ServiceNow, Inc. $NOW

by · The Markets Daily

Strategic Advocates LLC lifted its stake in ServiceNow, Inc. (NYSE:NOW – Free Report) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,966 shares of the information technology services provider’s stock after buying an additional 155 shares during the period. ServiceNow makes up approximately 0.9% of Strategic Advocates LLC’s holdings, making the stock its 22nd largest holding. Strategic Advocates LLC’s holdings in ServiceNow were worth $3,049,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of NOW. GAMMA Investing LLC increased its holdings in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the period. Nuveen LLC bought a new position in shares of ServiceNow during the first quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of ServiceNow by 131.4% during the first 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 acquiring an additional 840,731 shares during the last quarter. Finally, Parnassus Investments LLC bought a new position in shares of ServiceNow during the first quarter valued at about $519,806,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on NOW. Guggenheim reaffirmed a “sell” rating and set a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. FBN Securities raised shares of ServiceNow to a “strong-buy” rating in a research note on Wednesday, June 11th. Oppenheimer reaffirmed 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, Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,115.20.

Get Our Latest Research Report on NOW

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents 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 the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 over the last quarter. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Up 2.1%

Shares of NYSE NOW opened at $948.28 on Tuesday. The firm’s 50 day moving average price is $925.62 and its 200-day moving average price is $922.47. The company has a market cap of $197.24 billion, a PE ratio of 119.43, a P/E/G ratio of 4.18 and a beta of 0.91. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW – Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business’s revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.13 earnings per share. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

About ServiceNow

(Free Report)

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.

Further Reading

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