Truist Financial Corp raised its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 67,131 shares of the information technology services provider’s stock after buying an additional 2,553 shares during the period. Truist Financial Corp’s holdings in ServiceNow were worth $31,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of NOW. Chilton Capital Management LLC purchased a new stake in ServiceNow during the fourth quarter valued at about $25,000. OLD Second National Bank of Aurora purchased a new stake in shares of ServiceNow in the 1st quarter valued at $28,000. High Net Worth Advisory Group LLC acquired a new stake in shares of ServiceNow in the 1st quarter valued at $29,000. San Luis Wealth Advisors LLC bought a new position in ServiceNow during the 1st quarter valued at $49,000. Finally, GoalVest Advisory LLC acquired a new position in ServiceNow during the 1st quarter valued at approximately $43,000. 87.49% of the stock is owned by hedge funds and other institutional investors.
ServiceNow Insider Activity
In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total transaction of $3,280,266.00. Following the completion of the sale, the director now directly owns 33,600 shares in the company, valued at approximately $16,699,536. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Frederic B. Luddy sold 6,600 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total transaction of $3,280,266.00. Following the completion of the sale, the director now directly owns 33,600 shares in the company, valued at $16,699,536. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Tzitzon sold 2,822 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $438.75, for a total value of $1,238,152.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,922 shares of company stock valued at $15,146,557. 0.28% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
NOW has been the subject of several research analyst reports. Canaccord Genuity Group dropped their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Wells Fargo & Company cut their price target on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research note on Monday, July 25th. Guggenheim began coverage on shares of ServiceNow in a research note on Friday, August 12th. They set a “neutral” rating and a $510.00 price objective for the company. Credit Suisse Group cut their price target on ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, Mizuho lowered their price target on ServiceNow from $520.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $593.29.
ServiceNow Trading Up 5.1 %
Shares of NYSE:NOW opened at $411.55 on Wednesday. The business’s 50-day moving average price is $446.06 and its 200-day moving average price is $469.69. ServiceNow, Inc. has a 1 year low of $367.71 and a 1 year high of $707.60. The company has a market capitalization of $83.13 billion, a price-to-earnings ratio of 452.25, a price-to-earnings-growth ratio of 7.68 and a beta of 0.98. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12.
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 has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the business posted $0.38 earnings per share. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. On average, equities research analysts predict that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
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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