Asset Dedication LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 12.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 947 shares of the information technology services provider’s stock after acquiring an additional 104 shares during the period. Asset Dedication LLC’s holdings in ServiceNow were worth $446,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of NOW. Edgewood Management LLC acquired a new stake in shares of ServiceNow during the 1st quarter valued at approximately $1,515,281,000. Norges Bank acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC boosted its holdings in ServiceNow by 57.9% in 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 purchasing an additional 518,349 shares during the last quarter. Capital International Investors boosted its holdings in ServiceNow by 18.1% in the 1st 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 buying an additional 491,835 shares during the last quarter. Finally, Vanguard Group Inc. raised. its holdings in ServiceNow by 1.9% in the 1st 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 buying an additional 306,106 shares during the last quarter. 87.49% of the stock is currently owned by institutional investors and hedge funds.
ServiceNow Stock Up 2.4 %
ServiceNow stock opened at $378.95 on Wednesday. ServiceNow, Inc. has a twelve month low of $367.71 and a twelve month high of $707.60. The stock’s fifty day simple moving average is $451.49 and its 200-day simple moving average is $475.69. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $76.55 billion, a P/E ratio of 416.43, a P/E/G ratio of 7.53 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.76 billion. In the same quarter last year, the company earned $0.38 earnings per share. The company’s revenue rose 24.3% on a year-over-year basis. As a group, equities analysts expect ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, General Counsel Russell S. Elmer sold 2,666 shares of the business’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $422.80, for a total transaction of $1,127,184.80. Following the completion of the transaction, the general counsel now owns 6,627 shares in the company, valued at $2,801,895.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. In related news, General Counsel Russell S. Elmer sold 2,666 shares of the business’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $422.80, for a total transaction of $1,127,184.80. Following the completion of the transaction, the general counsel now owns 6,627 shares in the company, valued at $2,801,895.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. Also, CFO Gina Mastantuono sold 4,262 shares of the business’s 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 transaction, the chief financial officer now owns 4,262 shares of the company’s stock, valued at approximately $1,871,444.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,922 shares of company stock worth $15,146,557. Corporate insiders own 0.28% of the company’s stock.
Analyst Upgrades and Downgrades
NOW has been the subject of several research analyst reports. Piper Sandler dropped their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a report on Thursday, July 28th. Wells Fargo & Company dropped their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a report on Monday, July 25th. Cowen dropped their target price on ServiceNow from $590.00 to $580.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Credit Suisse Group reduced their price target on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, BMO Capital Markets reduced their price target on shares of ServiceNow from $595.00 to $520.00 in a research report on Friday, July 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $593.29.
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.
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