DRW Securities LLC Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

DRW Securities LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,501 shares of the information technology services provider’s stock, valued at approximately $1,967,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. M&G Plc purchased a new position in ServiceNow during the first quarter valued at approximately $11,030,000. New Mexico Educational Retirement Board lifted its stake in shares of ServiceNow by 9.4% in the 1st quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after purchasing an additional 1,000 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in ServiceNow by 375.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock worth $1,041,000 after buying an additional 1,078 shares in the last quarter. Wealthspire Advisors LLC grew its position in ServiceNow by 3.4% during the first quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock valued at $1,283,000 after buying an additional 56 shares during the period. Finally, Brookstone Capital Management increased its holdings in ServiceNow by 25.5% in the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after buying an additional 2,928 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NOW. Piper Sandler increased their target price on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. BMO Capital Markets increased their price target on ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Needham & Company LLC restated a “buy” rating and issued a $900.00 price objective on shares of ServiceNow in a research report on Monday, September 9th. Guggenheim reiterated a “sell” rating and set a $640.00 target price on shares of ServiceNow in a research report on Monday, July 8th. Finally, TD Cowen boosted their price target on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $855.44.

ServiceNow Trading Up 2.0 %

Shares of NOW opened at $937.36 on Friday. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $940.12. The firm has a market capitalization of $192.16 billion, a P/E ratio of 100.25, a P/E/G ratio of 5.25 and a beta of 0.98. The firm has a 50-day moving average price of $822.56 and a 200 day moving average price of $771.44. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 EPS. Sell-side analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current year.

Insider Buying and Selling

In other news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other ServiceNow news, Director Paul Edward Chamberlain sold 135 shares of ServiceNow stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total transaction of $110,970.00. Following the completion of the sale, the director now directly owns 10,767 shares in the company, valued at $8,850,474. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,800 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,914 shares of company stock worth $5,608,936. Company insiders own 0.25% 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.