Segment Wealth Management LLC Grows Stock Position in ServiceNow, Inc. $NOW

Segment Wealth Management LLC grew its position in ServiceNow, Inc. (NYSE:NOW) by 2.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 946 shares of the information technology services provider’s stock after acquiring an additional 25 shares during the quarter. Segment Wealth Management LLC’s holdings in ServiceNow were worth $973,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Nuveen LLC purchased a new position in shares of ServiceNow in the first quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Parnassus Investments LLC acquired a new stake in shares of ServiceNow in the first quarter valued at approximately $519,806,000. Finally, Amundi increased its holdings in shares of ServiceNow by 61.9% in the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after purchasing an additional 626,623 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer owned 6,614 shares of the company’s stock, valued at approximately $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. Over the last 90 days, insiders sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on NOW. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. Jefferies Financial Group increased their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ServiceNow in a report on Saturday, September 27th. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. Finally, BMO Capital Markets increased their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,122.20.

ServiceNow Price Performance

NOW stock opened at $911.75 on Friday. The business has a fifty day moving average of $914.67 and a two-hundred day moving average of $929.93. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $189.64 billion, a price-to-earnings ratio of 114.83, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

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