ServiceNow, Inc. (NYSE:NOW) Position Increased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 15.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 91,173 shares of the information technology services provider’s stock after purchasing an additional 12,341 shares during the period. ServiceNow accounts for 0.9% of Oppenheimer Asset Management Inc.’s portfolio, making the stock its 15th biggest position. Oppenheimer Asset Management Inc.’s holdings in ServiceNow were worth $71,723,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allen Investment Management LLC increased its position in ServiceNow by 2.9% in the second quarter. Allen Investment Management LLC now owns 124,439 shares of the information technology services provider’s stock worth $97,892,000 after buying an additional 3,472 shares during the period. William Blair Investment Management LLC increased its holdings in shares of ServiceNow by 26.4% in the 2nd quarter. William Blair Investment Management LLC now owns 481,925 shares of the information technology services provider’s stock worth $379,116,000 after acquiring an additional 100,623 shares during the period. Leelyn Smith LLC lifted its position in ServiceNow by 6.8% in the 2nd quarter. Leelyn Smith LLC now owns 2,450 shares of the information technology services provider’s stock valued at $1,927,000 after purchasing an additional 157 shares during the last quarter. Thoroughbred Financial Services LLC boosted its stake in ServiceNow by 28.8% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,241 shares of the information technology services provider’s stock valued at $2,549,000 after purchasing an additional 724 shares during the period. Finally, Parallel Advisors LLC grew its position in ServiceNow by 1.2% in the 2nd quarter. Parallel Advisors LLC now owns 4,693 shares of the information technology services provider’s stock worth $3,691,000 after purchasing an additional 54 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The disclosure for this sale can be found here. Insiders have sold 6,914 shares of company stock worth $5,608,936 in the last ninety days. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NOW opened at $878.95 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average price is $807.22 and its two-hundred day moving average price is $766.50. The firm has a market capitalization of $181.06 billion, a P/E ratio of 94.01, a price-to-earnings-growth ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $889.52.

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on NOW. Royal Bank of Canada lifted their target price on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Piper Sandler increased their price target on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Needham & Company LLC reiterated a “buy” rating and set a $900.00 price objective on shares of ServiceNow in a research report on Monday, September 9th. Deutsche Bank Aktiengesellschaft raised their target price on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, TD Cowen boosted their price objective on shares of ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $849.62.

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.