441 Shares in ServiceNow, Inc. $NOW Acquired by Anderson Financial Strategies LLC

Key Points

• Anderson Financial Strategies LLC acquired 441 shares of ServiceNow, Inc. for approximately $351,000 during the first quarter of 2023.
• Significant increases in investment stakes were noted, with GAMMA Investing LLC boosting their position by 87,501.3% and OVERSEA CHINESE BANKING Corp increasing by 1,586.5% in the same quarter.
• The stock currently holds a consensus rating of "Moderate Buy" with a price target of $1,115.20, following positive earnings that surpassed analysts' expectations.

Anderson Financial Strategies LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 441 shares of the information technology services provider's stock, valued at approximately $351,000.

Several other large investors have also recently added to or reduced their stakes in NOW. GAMMA Investing LLC increased its stake in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the period. Nuveen LLC purchased a new stake in ServiceNow during the 1st quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Finally, Parnassus Investments LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at approximately $519,806,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on NOW shares. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Bank of America increased their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Guggenheim reissued a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Finally, Mizuho increased their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. 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 the 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 completion of the sale, the insider owned 457 shares in the company, valued at $409,037.85. This represents a 76.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's 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 completion of the sale, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

ServiceNow Stock Down 0.9%

Shares of NYSE:NOW opened at $924.89 on Thursday. The stock has a market cap of $192.38 billion, a P/E ratio of 116.49, a P/E/G ratio of 4.21 and a beta of 0.91. The firm has a fifty day moving average price of $931.78 and a 200 day moving average price of $922.31. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

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

ServiceNow Company Profile

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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