Alliancebernstein L.P. Acquires 242,132 Shares of ServiceNow, Inc. $NOW

Key Points

• Alliancebernstein L.P. increased its holdings in ServiceNow, Inc. (NYSE: NOW) by 16.2%, acquiring an additional 242,132 shares in the first quarter, bringing its total to 1,732,686 shares worth about $1.38 billion.
• ServiceNow reported a strong quarterly performance with earnings of $4.09 per share, surpassing estimates of $3.57, and revenue of $3.22 billion, a 22.4% year-over-year increase.
• Research firms have raised their price targets for ServiceNow, with DA Davidson increasing its target to $1,250.00 while the consensus target now stands at $1,115.20, reflecting a generally positive outlook.

Alliancebernstein L.P. lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,732,686 shares of the information technology services provider's stock after acquiring an additional 242,132 shares during the quarter. Alliancebernstein L.P. owned approximately 0.84% of ServiceNow worth $1,379,461,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NOW. Bogart Wealth LLC boosted its stake in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow during the 1st quarter worth $26,000. WASHINGTON TRUST Co raised its holdings in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares in the last quarter. Dagco Inc. acquired a new position in ServiceNow in the 1st quarter worth about $33,000. Finally, Heck Capital Advisors LLC acquired a new position in ServiceNow in the 4th quarter worth about $37,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 0.5%

Shares of NOW stock opened at $912.93 on Wednesday. The business's fifty day moving average is $943.00 and its 200 day moving average is $924.15. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $189.89 billion, a PE ratio of 114.98, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on NOW. DA Davidson upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Royal Bank Of Canada upped their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Guggenheim reissued a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. BMO Capital Markets increased their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Raymond James Financial increased their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" 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 given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the sale, the chief financial officer directly owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by corporate insiders.

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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