Davis Capital Management Buys Shares of 70 ServiceNow, Inc. (NYSE:NOW)

Davis Capital Management bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 70 shares of the information technology services provider’s stock, valued at approximately $55,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $1,648,259,000. Swedbank AB acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $897,908,000. International Assets Investment Management LLC grew its position in shares of ServiceNow by 69,354.6% during the 4th quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after buying an additional 820,465 shares during the period. Global Assets Advisory LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $403,034,000. Finally, Cerity Partners LLC lifted its holdings in shares of ServiceNow by 1,073.7% in the 4th quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after purchasing an additional 371,648 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

ServiceNow stock traded down $20.74 during mid-day trading on Friday, hitting $790.64. 1,568,867 shares of the company traded hands, compared to its average volume of 1,722,103. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $850.33. The stock has a market cap of $162.87 billion, a price-to-earnings ratio of 84.56, a price-to-earnings-growth ratio of 4.82 and a beta of 0.99. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a fifty day moving average price of $747.96 and a 200-day moving average price of $754.19.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.61 billion. During the same period in the previous year, the business posted $0.77 earnings per share. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, equities analysts predict that ServiceNow, Inc. will post 6.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NOW. Citigroup increased their target price on ServiceNow from $909.00 to $911.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Guggenheim reiterated a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a report on Monday, July 8th. Royal Bank of Canada upped their target price on shares of ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. KeyCorp cut their price target on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Finally, JMP Securities increased their price objective on shares of ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $842.22.

Insider Transactions at ServiceNow

In related news, insider Paul John Smith sold 125 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $727.38, for a total value of $90,922.50. Following the transaction, the insider now owns 3,112 shares in the company, valued at approximately $2,263,606.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other ServiceNow news, insider Paul John Smith sold 125 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $727.38, for a total transaction of $90,922.50. Following the transaction, the insider now owns 3,112 shares in the company, valued at approximately $2,263,606.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jonathan Chadwick 3,391 shares of the company’s stock in a transaction on Tuesday, July 30th. The disclosure for this trade can be found here. In the last ninety days, insiders sold 7,330 shares of company stock worth $5,482,012. 0.25% of the stock is currently owned by insiders.

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.