Vanguard Group Inc. raised its position in shares of ServiceNow Inc (NYSE:NOW) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,633,958 shares of the information technology services provider’s stock after buying an additional 164,302 shares during the quarter. Vanguard Group Inc. owned about 8.15% of ServiceNow worth $6,332,691,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in NOW. Mint Tower Capital Management B.V. bought a new stake in ServiceNow during the second quarter valued at $119,153,000. Capital Research Global Investors raised its stake in ServiceNow by 31.2% during the first quarter. Capital Research Global Investors now owns 5,013,893 shares of the information technology services provider’s stock worth $1,436,881,000 after acquiring an additional 1,190,890 shares during the period. Polen Capital Management LLC lifted its holdings in ServiceNow by 61.1% in the first quarter. Polen Capital Management LLC now owns 3,125,270 shares of the information technology services provider’s stock worth $895,640,000 after acquiring an additional 1,184,844 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in ServiceNow by 74.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,512,450 shares of the information technology services provider’s stock worth $433,439,000 after acquiring an additional 647,674 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its stake in ServiceNow by 242.5% in the first quarter. Ensign Peak Advisors Inc now owns 410,738 shares of the information technology services provider’s stock valued at $117,710,000 after acquiring an additional 290,801 shares during the period. 90.05% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on NOW. Canaccord Genuity raised their price target on ServiceNow from $375.00 to $475.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Bank of America boosted their price target on shares of ServiceNow from $440.00 to $460.00 and gave the company a “buy” rating in a report on Monday, July 27th. Jefferies Financial Group increased their price objective on shares of ServiceNow from $465.00 to $515.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Piper Sandler lifted their price objective on shares of ServiceNow from $360.00 to $430.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Finally, Goldman Sachs Group upped their target price on shares of ServiceNow from $403.00 to $538.00 in a research report on Monday, June 29th. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $433.85.
In other news, insider Fay Sien Goon sold 144 shares of ServiceNow stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $439.70, for a total transaction of $63,316.80. Following the transaction, the insider now owns 1,552 shares in the company, valued at $682,414.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Kevin Haverty sold 6,601 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $440.43, for a total value of $2,907,278.43. Following the completion of the sale, the executive now directly owns 16,337 shares of the company’s stock, valued at $7,195,304.91. The disclosure for this sale can be found here. Over the last three months, insiders sold 104,851 shares of company stock worth $43,935,306. 1.00% of the stock is currently owned by insiders.
Shares of NOW traded down $18.49 during trading hours on Friday, hitting $450.35. 2,676,824 shares of the company were exchanged, compared to its average volume of 1,855,234. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market capitalization of $86.38 billion, a PE ratio of 122.38, a PEG ratio of 15.75 and a beta of 1.29. The firm has a fifty day simple moving average of $444.91 and a 200-day simple moving average of $370.37. ServiceNow Inc has a one year low of $213.99 and a one year high of $501.82.
ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 29th. The information technology services provider reported $1.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $1.03. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.05 billion. ServiceNow had a return on equity of 11.09% and a net margin of 18.42%. ServiceNow’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same quarter last year, the company posted $0.71 EPS. Sell-side analysts expect that ServiceNow Inc will post 0.99 EPS for the current year.
ServiceNow Company Profile
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
Further Reading: Front-End Load
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