Overbrook Management Corp Buys Shares of 10,526 ServiceNow, Inc. (NYSE:NOW)

Overbrook Management Corp acquired a new position in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,526 shares of the information technology services provider’s stock, valued at approximately $8,280,000. ServiceNow comprises 2.1% of Overbrook Management Corp’s portfolio, making the stock its 22nd biggest position.

A number of other hedge funds have also recently made changes to their positions in NOW. Norges Bank bought a new stake in ServiceNow during the 4th quarter valued at $1,648,259,000. Swedbank AB purchased a new stake in shares of ServiceNow in the 1st quarter worth about $897,908,000. Global Assets Advisory LLC purchased a new stake in shares of ServiceNow in the 1st quarter worth about $403,034,000. Vanguard Group Inc. grew its position in shares of ServiceNow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after buying an additional 331,797 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of ServiceNow by 18.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock worth $1,239,198,000 after buying an additional 271,153 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Up 0.9 %

NOW traded up $7.34 during trading on Friday, reaching $828.27. The company had a trading volume of 702,052 shares, compared to its average volume of 1,303,029. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $850.33. The stock has a market cap of $169.80 billion, a P/E ratio of 88.59, a PEG ratio of 4.82 and a beta of 0.99. The business has a 50 day simple moving average of $782.00 and a 200-day simple moving average of $759.16. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the previous year, the company posted $0.77 earnings per share. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. On average, equities analysts anticipate that ServiceNow, Inc. will post 6.84 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the sale, the insider now owns 4,019 shares in the company, valued at $3,319,372.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gina Mastantuono sold 1,800 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $738.88, for a total value of $1,329,984.00. Following the completion of the transaction, the chief financial officer now directly owns 13,290 shares of the company’s stock, valued at $9,819,715.20. The disclosure for this sale can be found here. Insiders have sold 9,072 shares of company stock worth $6,930,684 over the last quarter. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Robert W. Baird increased their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. increased their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. BMO Capital Markets increased their price objective on shares of ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, KeyCorp cut their price objective on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $849.62.

ServiceNow 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.