Gemmer Asset Management LLC Boosts Holdings in ServiceNow, Inc. $NOW

Gemmer Asset Management LLC grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 0.6% during the second quarter, HoldingsChannel reports. The firm owned 24,058 shares of the information technology services provider’s stock after buying an additional 140 shares during the period. ServiceNow accounts for approximately 2.2% of Gemmer Asset Management LLC’s holdings, making the stock its 12th largest holding. Gemmer Asset Management LLC’s holdings in ServiceNow were worth $24,734,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Bogart Wealth LLC grew 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 worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow during the first quarter worth approximately $26,000. WASHINGTON TRUST Co grew its position in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after buying an additional 31 shares in the last quarter. Global X Japan Co. Ltd. acquired a new stake in shares of ServiceNow during the second quarter worth approximately $30,000. Finally, Dagco Inc. acquired a new stake in shares of ServiceNow during the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the business’s stock in a transaction on Wednesday, August 20th. The shares were 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 owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the business’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 transaction, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock valued at $16,798,825. Company insiders own 0.38% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $911.75 on Friday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company 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. 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 fifty day moving average of $914.67 and a 200-day moving average of $929.93.

ServiceNow (NYSE:NOW) last announced 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 net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 earnings per share. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NOW shares. Citigroup raised their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Needham & Company LLC raised their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a research report on Saturday, September 27th. Erste Group Bank reiterated a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, DA Davidson increased their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” 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 assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

About ServiceNow

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.