Abbot Financial Management Inc. Invests $389,000 in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Abbot Financial Management Inc. acquired 488 shares of ServiceNow, valued at approximately $389,000, indicating renewed interest in the company's stock.
• ServiceNow's CEO, William R. Mcdermott, sold 2,050 shares for over $2 million, resulting in a significant decrease in his shareholding by 23.66%.
• Institutional investors own about 87.18% of ServiceNow's stock, highlighting strong confidence from large financial entities.

Abbot Financial Management Inc. acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 488 shares of the information technology services provider's stock, valued at approximately $389,000.

Several other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC raised its position 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 valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after buying an additional 877,875 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after purchasing an additional 491,861 shares during the last quarter. Finally, Sustainable Growth Advisers LP grew its stake in ServiceNow by 96.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock valued at $575,973,000 after purchasing an additional 355,629 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of several research reports. JPMorgan Chase & Co. cut their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Mizuho upped their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Finally, Raymond James Financial lifted their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $30.18 during trading on Thursday, reaching $947.30. The company's stock had a trading volume of 1,196,972 shares, compared to its average volume of 1,684,380. The firm has a market cap of $197.04 billion, a PE ratio of 119.14, a P/E/G ratio of 4.48 and a beta of 0.94. The company has a 50-day moving average price of $998.18 and a two-hundred day moving average price of $952.04. 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, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.13 earnings per share. On average, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 257 shares of ServiceNow stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $253,145.00. Following the completion of the sale, the insider owned 3,027 shares in the company, valued at approximately $2,981,595. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,233 shares of company stock valued at $5,297,758 in the last quarter. 0.38% of the stock is owned by corporate insiders.

ServiceNow 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.