Foundations Investment Advisors LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 411 shares of the information technology services provider’s stock, valued at approximately $203,000.
Several other large investors have also recently made changes to their positions in NOW. Edgewood Management LLC bought a new position in shares of ServiceNow in the first quarter valued at $1,515,281,000. Norges Bank purchased a new stake in ServiceNow in the fourth quarter valued at $1,117,096,000. Fisher Asset Management LLC boosted its holdings in ServiceNow by 57.9% in the first 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. Capital International Investors boosted its holdings in ServiceNow by 18.1% in the first quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after acquiring an additional 491,835 shares during the last quarter. Finally, boosted by Vanguard Group Inc. its holdings in ServiceNow by 1.9% in the first quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after acquiring an additional 306,106 shares during the last quarter. 87.49% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, CFO Gina Mastantuono sold 4,262 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $439.10, for a total transaction of $1,871,444.20. Following the completion of the transaction, the chief financial officer now directly owns 4,262 shares in the company, valued at approximately $1,871,444.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Gina Mastantuono sold 4,262 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $439.10, for a total transaction of $1,871,444.20. Following the sale, the chief financial officer now owns 4,262 shares in the company, valued at approximately $1,871,444.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible through this link. Also, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the sale, the director now owns 33,600 shares in the company, valued at approximately $16,699,536. The disclosure for this sale can be found here. Insiders sold 30,256 shares of company stock valued at $14,019,372 over the last three months. 0.28% of the stock is owned by company insiders.
Wall Street Analysts weigh in
Several analysts recently weighed in on the stock. Guggenheim assumed coverage on shares of ServiceNow in a report on Friday, August 12th. They issued a “neutral” rating and a $510.00 target price on the stock. Royal Bank of Canada dropped their price target on shares of ServiceNow from $670.00 to $610.00 in a report on Monday, July 18th. Mizuho dropped their price target on shares of ServiceNow from $520.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Citigroup dropped their price target on shares of ServiceNow from $600.00 to $575.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Finally, Truist Financial dropped their price target on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $598.84.
ServiceNow Trading was down 2.2%
NOW stock opened at $425.80 on Monday. ServiceNow, Inc. has a 1-year low of $406.47 and a 1-year high of $707.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $86.01 billion, a price-to-earnings ratio of 467.91, a PEG ratio of 8.67 and a beta of 0.94. The business has a 50-day simple moving average of $457.68 and a two-hundred-day simple moving average of $482.70.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. 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 company posted $0.38 EPS. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
ServiceNow Company 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.
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