Redwood Investments LLC Has $1.93 Million Stock Position in ServiceNow, Inc. $NOW

Redwood Investments LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 2.3% in the 1st quarter, Holdings Channel reports. The firm owned 2,418 shares of the information technology services provider’s stock after buying an additional 55 shares during the period. Redwood Investments LLC’s holdings in ServiceNow were worth $1,925,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of NOW. Sender Co & Partners Inc. bought a new stake in shares of ServiceNow during the 1st quarter worth $4,843,000. Kestra Investment Management LLC raised its stake in ServiceNow by 124.6% during the first quarter. Kestra Investment Management LLC now owns 384 shares of the information technology services provider’s stock worth $306,000 after acquiring an additional 213 shares in the last quarter. Resources Management Corp CT ADV lifted its holdings in shares of ServiceNow by 21.7% in the first quarter. Resources Management Corp CT ADV now owns 1,565 shares of the information technology services provider’s stock worth $1,246,000 after acquiring an additional 279 shares during the last quarter. Knightsbridge Asset Management LLC boosted its stake in shares of ServiceNow by 49.7% in the 1st quarter. Knightsbridge Asset Management LLC now owns 452 shares of the information technology services provider’s stock valued at $360,000 after purchasing an additional 150 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in shares of ServiceNow by 83.8% in the 1st quarter. Jones Financial Companies Lllp now owns 92,169 shares of the information technology services provider’s stock valued at $73,379,000 after purchasing an additional 42,024 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 1.6%

Shares of NYSE:NOW opened at $913.29 on Monday. The firm has a market cap of $189.96 billion, a P/E ratio of 115.02, a P/E/G ratio of 4.12 and a beta of 0.91. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The business has a fifty day simple moving average of $936.79 and a 200 day simple moving average of $922.19.

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

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Mizuho upped their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, June 12th. Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. Wall Street Zen lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,115.20.

Insiders Place Their Bets

In other news, insider Paul Fipps sold 1,452 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the sale, the insider directly owned 457 shares of the company’s stock, valued at approximately $409,037.85. This represents a 76.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 over the last three months. Insiders own 0.38% of the company’s stock.

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.