264,142 Shares in ServiceNow, Inc. $NOW Bought by Welch & Forbes LLC

Key Points

• Welch & Forbes LLC acquired 264,142 ServiceNow shares in the third quarter, valued at approximately $35.4 million. Institutional investors collectively own 87.18% of the stock.
• ServiceNow’s latest quarterly revenue rose 20.5% year over year to $4.11 billion, slightly exceeding estimates, while EPS of $1.00 came in just below the $1.02 consensus.
• Analysts’ consensus rating is Moderate Buy, with a $154.50 average price target; recent targets range from $155 to $175.

Welch & Forbes LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 264,142 shares of the information technology services provider's stock, valued at approximately $35,398,000.

Several other large investors have also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of ServiceNow during the second quarter valued at $9,536,615,000. State Street Corp boosted its holdings in ServiceNow by 2.0% in the second quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider's stock worth $4,868,514,000 after purchasing an additional 979,726 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in ServiceNow by 16.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,638,071 shares of the information technology services provider's stock worth $1,651,828,000 after purchasing an additional 2,362,606 shares during the last quarter. Amundi grew its position in ServiceNow by 60.9% during the first quarter. Amundi now owns 11,479,098 shares of the information technology services provider's stock valued at $1,200,140,000 after buying an additional 4,346,722 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in ServiceNow by 6.5% in the 1st quarter. Bank of New York Mellon Corp now owns 8,526,931 shares of the information technology services provider's stock worth $891,491,000 after acquiring an additional 518,263 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NOW stock opened at $102.86 on Tuesday. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $175.00. The business has a 50-day moving average price of $135.47 and a 200 day moving average price of $114.69. The company has a market capitalization of $106.77 billion, a P/E ratio of 74.00, a PEG ratio of 2.13 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). The business had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.09 billion. ServiceNow had a return on equity of 15.17% and a net margin of 9.36%. The firm's revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.82 earnings per share. As a group, equities research analysts forecast that ServiceNow, Inc. will post 2.12 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline Canney sold 7,847 shares of the business's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the transaction, the insider directly owned 30,042 shares of the company's stock, valued at approximately $4,145,796. The trade was a 20.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Chamberlain sold 2,700 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the sale, the director owned 43,990 shares of the company's stock, valued at $5,960,645. This trade represents a 5.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Thursday, October 29th. Royal Bank Of Canada set a $165.00 price objective on shares of ServiceNow and gave the company an "outperform" rating in a report on Thursday, October 29th. Morgan Stanley reissued an "overweight" rating and issued a $160.00 price objective on shares of ServiceNow in a research report on Thursday, October 29th. Piper Sandler restated an "overweight" rating and issued a $175.00 target price on shares of ServiceNow in a research note on Thursday, October 29th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of ServiceNow from $135.00 to $155.00 and gave the stock a "buy" rating in a research report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $154.50.

About ServiceNow

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.

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