42,300 Shares in ServiceNow, Inc. $NOW Purchased by Vancity Investment Management Ltd

Key Points

• Vancity Investment Management Ltd has acquired 42,300 shares of ServiceNow, valued at approximately $33.68 million, making it the firm's 8th largest position in their investment portfolio.
• ServiceNow reported a 22.4% increase in quarterly revenue year-over-year, totaling $3.22 billion, and an EPS of $4.09, surpassing estimates by $0.52.
• Analysts maintain a consensus rating of "Moderate Buy" for ServiceNow, with a price target averaging $1,115.20, reflecting continued optimism for growth.

Vancity Investment Management Ltd purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 42,300 shares of the information technology services provider's stock, valued at approximately $33,677,000. ServiceNow comprises about 4.6% of Vancity Investment Management Ltd's investment portfolio, making the stock its 8th largest position.

A number of other hedge funds also recently bought and sold shares of the business. Meiji Yasuda Life Insurance Co raised its holdings in ServiceNow by 24.4% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 17,703 shares of the information technology services provider's stock valued at $14,094,000 after acquiring an additional 3,468 shares during the last quarter. Visualize Group LP acquired a new stake in ServiceNow in the 1st quarter valued at about $7,754,000. United Services Automobile Association acquired a new stake in ServiceNow in the 1st quarter valued at about $3,778,000. Caxton Associates LLP acquired a new stake in ServiceNow in the 1st quarter valued at about $810,000. Finally, Ashton Thomas Private Wealth LLC raised its holdings in ServiceNow by 11.9% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 979 shares of the information technology services provider's stock valued at $779,000 after acquiring an additional 104 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NOW opened at $913.29 on Monday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The firm's fifty day simple moving average is $936.79 and its 200-day simple moving average is $922.19. The firm has a market capitalization of $189.96 billion, a price-to-earnings ratio of 115.02, a PEG ratio of 4.12 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the business earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NOW shares. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Raymond James Financial increased their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Jefferies Financial Group increased their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In related news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 over the last three months. Company insiders own 0.38% of the company's stock.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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