Hancock Whitney Corp lifted its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,977 shares of the information technology services provider’s stock after purchasing an additional 64 shares during the period. Hancock Whitney Corp’s holdings in ServiceNow were worth $1,101,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of NOW. Edgewood Management LLC acquired a new stake in ServiceNow during the 1st quarter valued at $1,515,281,000. Norges Bank acquired a new stake in ServiceNow during the 4th quarter valued at $1,117,096,000. Raised by TD Asset Management Inc. its stake in ServiceNow by 84.7% in the 4th 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 in the last quarter. Fisher Asset Management LLC lifted its stake in ServiceNow by 57.9% during the 1st quarter. Fisher Asset Management LLC now owns 1,413,079 shares of the information technology services provider’s stock valued at $786,930,000 after acquiring an additional 518,349 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in ServiceNow by 11.7% during the 4th 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. 87.20% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts’ Growth Forecast
A number of research analysts have commented on the stock. Piper Sandler dropped their price objective on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Mizuho dropped their price objective on shares of ServiceNow from $520.00 to $500.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Morgan Stanley dropped their price objective on shares of ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. Stifel Nicolaus dropped their target price on shares of ServiceNow from $650.00 to $550.00 in a research note on Wednesday, May 25th. Finally, Cowen dropped their price target on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $598.84.
ServiceNow Price Performance
Shares of NOW stock opened at $444.69 on Monday. The company has a market capitalization of $89.83 billion, a PE ratio of 488.67, a price-to-earnings-growth ratio of 9.31 and a beta of 0.94. The firm has a fifty-day simple moving average of $469.09 and a 200-day simple moving average of $495.54. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. ServiceNow, Inc. has a twelve month low of $406.47 and a twelve month high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The business had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the firm earned $0.38 earnings per share. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. Equities research analysts expect ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
Insider Buying and Selling at ServiceNow
In other news, insider Lara Caimi sold 726 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $474.48, for a total value of $344,472.48. Following the transaction, the insider now directly owns 99 shares in the company, valued at approximately $46,973.52. The transaction was disclosed in a legal filing with the SEC, available at this link. In related news, insider Paul John Smith sold 130 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $502.81, for a total value of $65,365.30. Following the sale, the insider now owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Lara Caimi sold 726 shares of the stock in a transaction dated Tuesday, May 31. The stock was sold at an average price of $474.48, for a total transaction of $344,472.48. Following the completion of the sale, the insider now directly owns 99 shares in the company, valued at approximately $46,973.52. The disclosure for this sale can be found here. Insiders sold 27,427 shares of company stock valued at $12,847,258 over the last ninety days. 0.28% of the stock is owned by insiders.
About ServiceNow
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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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