Birchbrook Inc. Invests $688,000 in ServiceNow, Inc. $NOW

Birchbrook Inc. bought a new position in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 6,927 shares of the information technology services provider’s stock, valued at approximately $688,000.

A number of other institutional investors have also added to or reduced their stakes in NOW. Vanguard Group Inc. increased its position in shares of ServiceNow by 404.5% during the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after purchasing an additional 81,752,460 shares during the last quarter. State Street Corp raised its holdings in shares of ServiceNow by 406.6% during the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after buying an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC lifted its position in ServiceNow by 404.8% in the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after buying an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley boosted its stake in ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after buying an additional 17,514,679 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 6.4%

Shares of NYSE NOW opened at $124.91 on Friday. The firm has a fifty day simple moving average of $106.73 and a two-hundred day simple moving average of $105.86. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $129.16 billion, a PE ratio of 78.07, a price-to-earnings-growth ratio of 2.20 and a beta of 0.94.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. Equities analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

Analyst Ratings Changes

NOW has been the topic of a number of recent research reports. Stifel Nicolaus reduced their price target on shares of ServiceNow from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Oppenheimer restated an “outperform” rating and issued a $140.00 price objective (up from $130.00) on shares of ServiceNow in a report on Wednesday, July 15th. FBN Securities cut their price objective on shares of ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Argus decreased their target price on shares of ServiceNow from $180.00 to $134.00 and set a “buy” rating on the stock in a research report on Friday, April 24th. Finally, Citic Securities lowered their price target on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $143.39.

Insiders Place Their Bets

In other ServiceNow news, insider Paul Fipps sold 1,048 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the transaction, the director directly owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 18,993 shares of company stock worth $1,716,436 over the last three months. Company insiders own 0.34% of the company’s stock.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.