ServiceNow, Inc. $NOW Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 5.9% in the second quarter, HoldingsChannel.com reports. The fund owned 74,077 shares of the information technology services provider’s stock after purchasing an additional 4,152 shares during the period. ServiceNow makes up about 0.9% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 15th biggest position. Oppenheimer Asset Management Inc.’s holdings in ServiceNow were worth $76,157,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after buying an additional 30 shares during the last quarter. GAMMA Investing LLC increased its position in ServiceNow by 10.0% during the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock worth $2,689,000 after purchasing an additional 308 shares during the last quarter. Perpetual Ltd increased its position in ServiceNow by 8.9% during the first quarter. Perpetual Ltd now owns 3,895 shares of the information technology services provider’s stock worth $3,101,000 after purchasing an additional 318 shares during the last quarter. Transcend Capital Advisors LLC increased its position in ServiceNow by 19.8% during the first quarter. Transcend Capital Advisors LLC now owns 1,649 shares of the information technology services provider’s stock worth $1,313,000 after purchasing an additional 273 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC increased its position in ServiceNow by 56.9% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 193 shares of the information technology services provider’s stock worth $154,000 after purchasing an additional 70 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on NOW. Oppenheimer restated an “outperform” rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Weiss Ratings restated a “hold (c)” rating on shares of ServiceNow in a research report on Saturday. UBS Group lowered their price objective on shares of ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. Citigroup raised their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Cowen reiterated a “buy” rating on shares of ServiceNow in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1,124.17.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares of the company’s stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock worth $16,798,825 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Down 1.0%

Shares of ServiceNow stock opened at $929.77 on Friday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a 50 day moving average of $917.85 and a 200 day moving average of $942.45. 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 company has a market capitalization of $193.39 billion, a P/E ratio of 117.10, a P/E/G ratio of 4.19 and a beta of 0.92.

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