Alberta Investment Management Corp Buys 4,548 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Alberta Investment Management Corp increased its stake in ServiceNow, Inc. by 15% during the first quarter, acquiring an additional 4,548 shares, bringing its total holding to 34,899 shares valued at approximately $27.78 million.
• ServiceNow's stock is currently rated as a "Moderate Buy" with analysts raising price targets significantly, now averaging around $1,115.20, following a strong earnings report where it surpassed EPS estimates by $0.52.
• Insider activity remains notable as Vice Chairman Nicholas Tzitzon and CEO William R. Mcdermott sold a combined 3,221 shares of ServiceNow's stock recently, indicating a decrease in their vested interests.

Alberta Investment Management Corp boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,899 shares of the information technology services provider's stock after purchasing an additional 4,548 shares during the quarter. Alberta Investment Management Corp's holdings in ServiceNow were worth $27,784,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Janus Henderson Group PLC raised its stake in ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares during the last quarter. FMR LLC raised its stake in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after buying an additional 272,506 shares in the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new position in shares of ServiceNow in the 1st quarter valued at $1,820,000. Nicholas Investment Partners LP raised its stake in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after buying an additional 1,938 shares in the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new position in shares of ServiceNow in the 1st quarter valued at $285,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent research reports. Cantor Fitzgerald restated an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Canaccord Genuity Group dropped their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group increased their target price 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 analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 145 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the sale, the insider directly owned 3,027 shares in the company, valued at $3,087,540. This trade represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director owned 10,404 shares in the company, valued at $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,990 shares of company stock valued at $6,047,567 over the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Stock Down 3.1%

NOW stock traded down $29.09 during mid-day trading on Friday, hitting $914.03. 1,810,388 shares of the company were exchanged, compared to its average volume of 1,532,572. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The firm has a market cap of $190.12 billion, a P/E ratio of 115.12, a P/E/G ratio of 4.12 and a beta of 0.93. The firm's 50 day simple moving average is $994.89 and its 200 day simple moving average is $950.03.

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