Sharp Financial Services LLC Increases Stock Position in ServiceNow, Inc. $NOW

Sharp Financial Services LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 22.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 387 shares of the information technology services provider’s stock after buying an additional 72 shares during the period. Sharp Financial Services LLC’s holdings in ServiceNow were worth $398,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. Brighton Jones LLC raised its position in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after acquiring an additional 30 shares during the period. GAMMA Investing LLC raised its position in ServiceNow by 10.0% during the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock worth $2,689,000 after acquiring an additional 308 shares during the period. NorthCrest Asset Manangement LLC raised its position in shares of ServiceNow by 13.5% in the first quarter. NorthCrest Asset Manangement LLC now owns 1,570 shares of the information technology services provider’s stock valued at $1,251,000 after buying an additional 187 shares during the last quarter. Stock Yards Bank & Trust Co. raised its position in shares of ServiceNow by 79.7% in the first quarter. Stock Yards Bank & Trust Co. now owns 496 shares of the information technology services provider’s stock valued at $395,000 after buying an additional 220 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of ServiceNow in the first quarter valued at about $124,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent research reports. Piper Sandler increased their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. BMO Capital Markets increased their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. DA Davidson increased their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Finally, JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,122.20.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the firm’s 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 $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company’s stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Down 3.2%

Shares of NOW stock opened at $888.63 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $184.84 billion, a PE ratio of 111.92, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92. The company has a 50-day moving average of $909.21 and a two-hundred day moving average of $932.99. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. ServiceNow’s revenue was up 22.4% compared to the same quarter last year. On average, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.