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

Commonwealth Financial Services LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 277 shares of the information technology services provider’s stock, valued at approximately $285,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Valley Brook Capital Group Inc. lifted its position in ServiceNow by 6.0% during the 2nd quarter. Valley Brook Capital Group Inc. now owns 621 shares of the information technology services provider’s stock worth $638,000 after acquiring an additional 35 shares during the period. CWM LLC lifted its position in ServiceNow by 28.1% during the 2nd quarter. CWM LLC now owns 11,724 shares of the information technology services provider’s stock worth $12,053,000 after acquiring an additional 2,569 shares during the period. Lodestar Private Asset Management LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at approximately $206,000. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of ServiceNow by 17.5% in the 2nd 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 buying an additional 4,904 shares during the period. Finally, Oak Ridge Investments LLC lifted its holdings in shares of ServiceNow by 1.0% in the 2nd quarter. Oak Ridge Investments LLC now owns 11,911 shares of the information technology services provider’s stock valued at $12,245,000 after buying an additional 121 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NOW stock opened at $888.63 on Friday. The stock has a fifty day moving average price of $909.21 and a 200 day moving average price of $932.27. The stock has a market cap 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, Inc. has a 1 year low of $678.66 and a 1 year 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.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on NOW. Oppenheimer reissued an “outperform” rating and issued a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. Bank of America raised their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Guggenheim reissued a “sell” rating and issued a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Finally, Jefferies Financial Group raised their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,122.20.

Insider Activity

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