Park Place Capital Corp Boosts Stock Position in ServiceNow, Inc. $NOW

Park Place Capital Corp grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 135.6% during the second quarter, Holdings Channel reports. The institutional investor owned 2,537 shares of the information technology services provider’s stock after buying an additional 1,460 shares during the period. Park Place Capital Corp’s holdings in ServiceNow were worth $2,567,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in NOW. Bogart Wealth LLC lifted its position in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow during the first quarter worth about $26,000. WASHINGTON TRUST Co grew its position in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in shares of ServiceNow during the second quarter worth about $30,000. Finally, Dagco Inc. purchased a new stake in shares of ServiceNow during the first quarter worth about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Anita M. Sands sold 1,097 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares of the company’s stock, valued at approximately $8,516,928.77. This trade represents a 10.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 in the last three months. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

NYSE:NOW opened at $940.05 on Tuesday. The firm has a market capitalization of $195.53 billion, a price-to-earnings ratio of 118.39, a PEG ratio of 4.22 and a beta of 0.91. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The business has a 50 day simple moving average of $919.33 and a 200-day simple moving average of $928.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during 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 company’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period last year, the company earned $3.13 EPS. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analyst Weigh In

NOW has been the subject of several research analyst reports. Piper Sandler increased their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. UBS Group cut their target price on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating for the company in a research report on Thursday, July 24th. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Finally, Needham & Company LLC raised their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,122.20.

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.