In a recent filing with the Securities and Exchange Commission, Graypoint LLC revealed that it has increased its stake in ServiceNow, Inc. (NYSE:NOW) by 13.7% during the second quarter. The information technology services provider currently holds 2,319 shares of ServiceNow’s stock, having purchased an additional 280 shares over the quarter. Based on the latest filing, Graypoint’s holdings in ServiceNow have an estimated value of $1,303,000.
ServiceNow recently released its quarterly earnings report on July 26th, providing investors with more insight into the company’s financial performance. During the quarter, ServiceNow reported earnings per share (EPS) of $0.77, surpassing market expectations by $0.34 and beating the consensus estimate of $0.43. The company also generated revenue of $2.15 billion, slightly higher than analysts’ forecasts of $2.13 billion.
Furthermore, ServiceNow achieved a net margin of 17.76% for this quarter and demonstrated a return on equity of 11.07%. These strong figures indicate that the company is effectively managing its operations and maximizing profitability.
Analysts predict that ServiceNow will continue to perform well throughout the current fiscal year, with an anticipated EPS of 3.59 for this period.
Graypoint LLC’s decision to increase its stake in ServiceNow reflects their confidence in the company’s future prospects and financial success. This move underscores their belief that ServiceNow represents a valuable investment opportunity within the information technology services sector.
As always in matters of investment, it is important to analyze various factors such as financial reports and market trends before making any decisions.
ServiceNow, Inc.: Institutional Investors Show Interest as Analysts Provide Positive Ratings
ServiceNow, Inc. has recently seen modifications in the holdings of various institutional investors and hedge funds. Barrett & Company Inc. acquired a new position in ServiceNow shares during the first quarter, with a value of $28,000. Similarly, High Net Worth Advisory Group LLC invested in ServiceNow during the same period, adding about $29,000 worth of shares to their portfolio. Larson Financial Group LLC increased its holdings by 153.8% during the first quarter, now owning 66 shares valued at $31,000. Resources Management Corp CT ADV also witnessed growth in its position by 233.3%, owning 500 shares worth $35,000. Additionally, Resurgent Financial Advisors LLC bought a stake in ServiceNow during the fourth quarter for approximately $35,000. These institutional investors now collectively hold around 87.14% of the company’s stock.
Several research firms have analyzed and provided ratings for ServiceNow recently. BMO Capital Markets raised its price target from $515 to $630 per share on July 27th. Jefferies Financial Group also lifted its price target from $525 to $650 per share and gave a “buy” rating on July 26th. StockNews.com initiated coverage on ServiceNow on August 17th and recommended a “buy” rating for the company. TheStreet upgraded ServiceNow from a “c+” rating to a “b” rating on July 26th. Lastly, Wells Fargo & Company increased their price target to $650 per share on July 27th.
In related news, Director Paul Edward Chamberlain sold 90 shares of ServiceNow stock in August at an average price of $551.52 per share for a total transaction value of $49,636.80. Following this sale, Chamberlain now holds 10,879 shares valued at approximately $5,999,986.08.
General Counsel Russell S Elmer also sold 91 shares of the stock on August 18th at an average price of $535.10 per share, amounting to a total value of $48,694.10. Currently, Elmer holds 4,225 shares valued at $2,260,797.50.
The stock opened at $555.24 on October 3rd, with a 50-day moving average price of $569.36 and a two-hundred day moving average price of $528.51. ServiceNow has a market capitalization of $113.12 billion and a P/E ratio of 80.01 with a beta value of 1.01. The company has a quick ratio and current ratio both at 1.
ServiceNow’s stock price fluctuated between its 12-month low of $337.00 and its high of $614.36 over the course of the past year.
Overall, ServiceNow has been attracting significant attention from institutional investors and hedge funds due to its consistent performance in the information technology services sector. Analysts have expressed positive sentiments towards the company, often assigning it a “buy” rating with target prices well above the current market value. Despite some insiders selling off their shares, approximately 87% percent is still owned by institutional investors. With its robust financials and upbeat analyst outlook, ServiceNow appears poised for continued success in the industry.