Overbrook Management Corp Raises Stock Position in ServiceNow, Inc. $NOW

Overbrook Management Corp lifted its position in ServiceNow, Inc. (NYSE:NOW) by 1.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,514 shares of the information technology services provider’s stock after purchasing an additional 116 shares during the period. ServiceNow accounts for about 1.6% of Overbrook Management Corp’s investment portfolio, making the stock its 24th biggest position. Overbrook Management Corp’s holdings in ServiceNow were worth $8,753,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Nuveen LLC bought a new position in shares of ServiceNow during the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after acquiring an additional 877,875 shares during the period. Goldman Sachs Group Inc. grew its holdings in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Parnassus Investments LLC purchased a new position in ServiceNow during the 1st quarter valued at about $519,806,000. Finally, Amundi increased its position in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after purchasing an additional 626,623 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NOW shares. UBS Group lowered their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating for the company in a research report on Thursday, July 24th. Raymond James Financial increased their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Erste Group Bank reissued a “hold” rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Guggenheim reaffirmed a “sell” rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Finally, Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,122.20.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were 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 approximately $2,622,744.15. This trade represents a 34.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction that occurred 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 sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Up 2.0%

NYSE NOW opened at $936.76 on Monday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a fifty day simple moving average of $919.74 and a two-hundred day simple moving average of $927.82. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $194.85 billion, a P/E ratio of 117.98, a P/E/G ratio of 4.22 and a beta of 0.91.

ServiceNow (NYSE:NOW) last issued its 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 return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business posted $3.13 EPS. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.