Oppenheimer Asset Management Inc. Purchases 4,152 Shares of ServiceNow, Inc. $NOW

Oppenheimer Asset Management Inc. increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 5.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,077 shares of the information technology services provider’s stock after acquiring an additional 4,152 shares during the quarter. ServiceNow comprises 0.9% of Oppenheimer Asset Management Inc.’s holdings, 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 have also recently modified their holdings of the company. Bogart Wealth LLC raised its stake in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new position in ServiceNow during the 1st quarter valued at approximately $26,000. WASHINGTON TRUST Co increased its stake in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Global X Japan Co. Ltd. acquired a new position in ServiceNow during the 2nd quarter valued at approximately $30,000. Finally, LGT Financial Advisors LLC acquired a new position in ServiceNow during the 2nd quarter valued at approximately $32,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $929.77 on Friday. The company’s fifty day moving average price is $917.85 and its 200 day moving average price is $942.45. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a market capitalization of $193.39 billion, a PE ratio of 117.10, a price-to-earnings-growth ratio of 4.19 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.

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, 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 firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm posted $3.13 earnings per share. The firm’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on NOW shares. Cantor Fitzgerald restated an “overweight” rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Needham & Company LLC upped 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. Barclays set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Bank of America upped their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Raymond James Financial upped their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,124.17.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the 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 sale, the general counsel directly owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. 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 three months. Corporate insiders own 0.38% of the company’s stock.

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.