IFM Investors Pty Ltd raised its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 20.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 31,670 shares of the information technology services provider’s stock after purchasing an additional 5,288 shares during the period. IFM Investors Pty Ltd’s holdings in ServiceNow were worth $17,637,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of NOW. Norges Bank bought a new position in shares of ServiceNow during the fourth quarter valued at $1,117,096,000. Fisher Asset Management LLC raised its stake in shares of ServiceNow by 164.8% during the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock valued at $580,778,000 after acquiring an additional 556,871 shares during the last quarter. Raised by TD Asset Management Inc. its stake in shares of ServiceNow by 84.7% during the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after acquiring an additional 553,517 shares during the last quarter. Nuveen Asset Management LLC raised its stake in shares of ServiceNow by 11.7% during the fourth quarter. Nuveen Asset Management LLC now owns 2,925,155 shares of the information technology services provider’s stock valued at $1,898,748,000 after acquiring an additional 305,908 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of ServiceNow by 3.2% during the fourth quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after acquiring an additional 241,296 shares during the last quarter. Institutional investors own 87.20% of the company’s stock.
Internal Activity
In other news, insider Paul John Smith sold 125 shares of the business’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $446.04, for a total value of $55,755.00. Following the sale, the insider now owns 1,446 shares of the company’s stock, valued at $644,973.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. In other news, insider Paul John Smith sold 125 shares of the business’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $446.04, for a total value of $55,755.00. Following the sale, the insider now owns 1,446 shares of the company’s stock, valued at $644,973.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. Also, COO Chirantan Jitendra Desai sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the completion of the sale, the chief operating officer now directly owns 38,980 shares in the company, valued at approximately $18,613,729.60. The disclosure for this sale can be found here. Insiders sold a total of 16,150 shares of company stock worth $7,804,261 in the last quarter. Company insiders own 0.28% of the company’s stock.
ServiceNow Stock Performance
Shares of NOW stock opened at $446.66 on Monday. The company has a market cap of $89.54 billion, a price-to-earnings ratio of 406.05, a P/E/G ratio of 8.94 and a beta of 1.03. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow, Inc. has a 52 week low of $406.47 and a 52 week high of $707.60. The company’s 50-day simple moving average is $463.62 and its two-hundred-day simple moving average is $505.32.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $1.62 EPS for the quarter, topping the consensus estimate of $1.53 by $0.09. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. ServiceNow has a net margin of 3.56% and a return on equity of 8.66%. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. In the same quarter last year, the company posted $0.38 earnings per share. As a group, equities analysts predict that ServiceNow, Inc. will post 1.71 earnings per share for the current year.
Wall Street Analysts’ Growth Forecast
Several equities analysts have recently weighed in on NOW shares. Morgan Stanley reissued a “hold” rating and set a $556.00 target price (down previously from $575.00) on shares of ServiceNow in a research note on Thursday. Truist Financial dropped their price target on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of ServiceNow from $680.00 to $625.00 and set a “hold” rating for the company in a research note on Thursday. Barclays dropped their price target on shares of ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Royal Bank of Canada reissued a “hold” rating on shares of ServiceNow in a research note on Thursday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $589.90.
ServiceNow profile
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
Further Reading
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