Brighton Jones LLC Increases Position in ServiceNow, Inc. $NOW

Brighton Jones LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 23.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 3,342 shares of the information technology services provider’s stock after purchasing an additional 628 shares during the quarter. Brighton Jones LLC’s holdings in ServiceNow were worth $3,435,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Global X Japan Co. Ltd. purchased a new position in shares of ServiceNow during the second quarter valued at approximately $30,000. LGT Financial Advisors LLC purchased a new position in shares of ServiceNow during the second quarter valued at approximately $32,000. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% during the first 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 during the period. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow during the first quarter valued at approximately $26,000. Finally, Richardson Financial Services Inc. boosted its position in shares of ServiceNow by 50.0% during the second quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider’s stock valued at $33,000 after buying an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of several recent analyst reports. Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Jefferies Financial Group lifted their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Cowen reaffirmed a “buy” rating on shares of ServiceNow in a research note on Friday. Needham & Company LLC lifted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Morgan Stanley raised shares of ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,124.17.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $929.77 on Friday. The company has a market capitalization of $193.39 billion, a price-to-earnings ratio of 117.10, a price-to-earnings-growth ratio of 4.19 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. 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 firm has a 50 day moving average of $917.85 and a 200 day moving average of $942.45.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.13 earnings per share. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at $2,622,744.15. This trade represents a 34.04% 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 ninety days. Company insiders own 0.38% of the company’s stock.

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.