Commonwealth Financial Services LLC Makes New $285,000 Investment in ServiceNow, Inc. $NOW

Commonwealth Financial Services LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, Holdings Channel reports. The firm purchased 277 shares of the information technology services provider’s stock, valued at approximately $285,000.

Other hedge funds also recently bought and sold shares of the company. Valley Brook Capital Group Inc. grew its position in shares of ServiceNow by 6.0% in the second quarter. Valley Brook Capital Group Inc. now owns 621 shares of the information technology services provider’s stock valued at $638,000 after purchasing an additional 35 shares during the period. CWM LLC grew its position in shares of ServiceNow by 28.1% in the second quarter. CWM LLC now owns 11,724 shares of the information technology services provider’s stock valued at $12,053,000 after purchasing an additional 2,569 shares during the period. Lodestar Private Asset Management LLC purchased a new stake in shares of ServiceNow in the second quarter valued at $206,000. Vanguard Personalized Indexing Management LLC grew its position in shares of ServiceNow by 17.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 32,905 shares of the information technology services provider’s stock valued at $33,855,000 after purchasing an additional 4,904 shares during the period. Finally, Oak Ridge Investments LLC grew its position in shares of ServiceNow by 1.0% in the second quarter. Oak Ridge Investments LLC now owns 11,911 shares of the information technology services provider’s stock valued at $12,245,000 after purchasing an additional 121 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NOW shares. Oppenheimer reaffirmed an “outperform” rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Morgan Stanley raised ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. Finally, Raymond James Financial boosted their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,122.20.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider owned 3,027 shares in the company, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

NOW stock opened at $888.63 on Friday. The stock has a 50-day moving average price of $909.21 and a two-hundred day moving average price of $932.27. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company 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.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate 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 in the previous year, the business earned $3.13 earnings per share. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.