Second Line Capital LLC Acquires 11,512 Shares of ServiceNow, Inc. $NOW

by · The Markets Daily

Second Line Capital LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW – Free Report) by 60.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,561 shares of the information technology services provider’s stock after buying an additional 11,512 shares during the quarter. Second Line Capital LLC’s holdings in ServiceNow were worth $3,034,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in NOW. CBIZ Investment Advisory Services LLC grew its stake in shares of ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Blueline Advisors LLC acquired a new position in ServiceNow during the 4th quarter valued at $25,000. Measured Wealth Private Client Group LLC raised its stake in ServiceNow by 560.0% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 140 shares during the last quarter. Cornerstone Financial Management LLC boosted its holdings in ServiceNow by 72.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 107 shares during the period. Finally, Wealth Watch Advisors INC grew its position in ServiceNow by 432.3% in the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 134 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Trading Up 0.0%

Shares of NOW stock opened at $141.31 on Tuesday. The firm has a fifty day moving average of $118.03 and a 200-day moving average of $108.20. The stock has a market cap of $146.11 billion, a price-to-earnings ratio of 88.32, a P/E/G ratio of 2.57 and a beta of 0.97. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70.

ServiceNow (NYSE:NOW – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm’s revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. On average, equities research analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline Canney sold 7,847 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the sale, the insider directly owned 30,042 shares in the company, valued at approximately $4,145,796. This represents a 20.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Chamberlain sold 2,700 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the transaction, the director directly owned 43,990 shares of the company’s stock, valued at approximately $5,960,645. The trade was a 5.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NOW shares. Sanford C. Bernstein restated an “outperform” rating and set a $248.00 price objective (up from $236.00) on shares of ServiceNow in a report on Thursday, July 23rd. BTIG Research reiterated a “buy” rating and issued a $150.00 target price on shares of ServiceNow in a research note on Wednesday, July 22nd. Jefferies Financial Group reissued a “buy” rating and set a $140.00 target price (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. KeyCorp restated an “underweight” rating on shares of ServiceNow in a research note on Tuesday, July 21st. Finally, Citigroup reaffirmed a “market outperform” rating on shares of ServiceNow in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.24.

Check Out Our Latest Stock Analysis on NOW

ServiceNow Profile

(Free Report)

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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