ServiceNow, Inc. $NOW Position Lifted by Financial Management Professionals Inc.

Financial Management Professionals Inc. raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 38.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68 shares of the information technology services provider’s stock after acquiring an additional 19 shares during the quarter. Financial Management Professionals Inc.’s holdings in ServiceNow were worth $70,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in NOW. Brighton Jones LLC lifted its position in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after buying an additional 30 shares during the last quarter. Two Sigma Investments LP lifted its position in shares of ServiceNow by 1.5% in the 4th quarter. Two Sigma Investments LP now owns 4,405 shares of the information technology services provider’s stock worth $4,670,000 after buying an additional 67 shares during the last quarter. Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter worth about $37,000. Park Square Financial Group LLC bought a new position in shares of ServiceNow in the 4th quarter worth about $153,000. Finally, Wealthedge Investment Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter worth about $1,996,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s 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 directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NOW. Citigroup raised their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Morgan Stanley upgraded shares of ServiceNow from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday. UBS Group dropped their price objective on shares of ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Finally, Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,122.20.

ServiceNow Stock Performance

NYSE:NOW opened at $932.85 on Thursday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a 50-day moving average of $921.07 and a 200-day moving average of $924.60. The firm has a market cap of $194.03 billion, a price-to-earnings ratio of 117.49, a price-to-earnings-growth ratio of 4.18 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the company posted $3.13 earnings per share. The business’s revenue for the quarter was up 22.4% on a year-over-year basis. Analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.