Summa Corp. Acquires New Stake in ServiceNow, Inc. $NOW

Summa Corp. bought a new position in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 256 shares of the information technology services provider’s stock, valued at approximately $263,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Concurrent Investment Advisors LLC increased its holdings in shares of ServiceNow by 10.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,206 shares of the information technology services provider’s stock worth $4,324,000 after purchasing an additional 399 shares in the last quarter. Johnson Investment Counsel Inc. increased its holdings in shares of ServiceNow by 0.5% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 8,084 shares of the information technology services provider’s stock worth $8,311,000 after purchasing an additional 40 shares in the last quarter. waypoint wealth counsel bought a new stake in shares of ServiceNow in the 2nd quarter worth $287,000. 1858 Wealth Management LLC increased its holdings in shares of ServiceNow by 3.7% in the 2nd quarter. 1858 Wealth Management LLC now owns 2,186 shares of the information technology services provider’s stock worth $2,247,000 after purchasing an additional 77 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its holdings in shares of ServiceNow by 10.2% in the 2nd quarter. Apollon Wealth Management LLC now owns 8,150 shares of the information technology services provider’s stock worth $8,379,000 after purchasing an additional 751 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 1,097 shares of the business’s stock in a transaction dated 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 owned 9,307 shares of the company’s stock, valued at approximately $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Fipps sold 1,452 shares of the business’s stock in a transaction dated 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 $409,037.85. This represents a 76.06% 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 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on NOW shares. Needham & Company LLC lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a report on Wednesday. Wall Street Zen lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. BMO Capital Markets lifted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,122.20.

ServiceNow Stock Performance

NYSE:NOW opened at $888.63 on Friday. The stock has a 50-day simple moving average of $909.21 and a two-hundred day simple moving average of $932.27. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $184.84 billion, a PE ratio of 111.92, a P/E/G ratio of 4.00 and a beta of 0.92.

ServiceNow (NYSE:NOW) last released its quarterly earnings results 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 earnings per share. ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. Analysts forecast 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.