Amundi Has $1.27 Billion Position in ServiceNow, Inc. $NOW

Key Points

• Amundi increased its stake in ServiceNow, Inc. by 61.9% in Q1, acquiring an additional 626,623 shares, bringing its ownership to approximately 1.64 million shares valued at $1.27 billion.
• The company's Q2 earnings resulted in $4.09 EPS, exceeding analysts' expectations of $3.57, along with revenue of $3.22 billion, marking a 22.4% increase year-over-year.
• ServiceNow's stock has been rated with a consensus of "Moderate Buy" by research analysts, with an average price target of $1,115.20.

Amundi boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 61.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,638,927 shares of the information technology services provider's stock after purchasing an additional 626,623 shares during the quarter. Amundi owned about 0.79% of ServiceNow worth $1,269,777,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Paragon Private Wealth Management LLC raised its position in shares of ServiceNow by 28.0% in the first quarter. Paragon Private Wealth Management LLC now owns 681 shares of the information technology services provider's stock valued at $542,000 after purchasing an additional 149 shares during the period. Visualize Group LP acquired a new position in ServiceNow in the 1st quarter valued at $5,016,000. Federation des caisses Desjardins du Quebec grew its stake in ServiceNow by 34.5% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 18,531 shares of the information technology services provider's stock valued at $14,754,000 after buying an additional 4,753 shares during the last quarter. Unisphere Establishment bought a new position in ServiceNow in the 1st quarter worth $2,986,000. Finally, First Manhattan CO. LLC. raised its holdings in ServiceNow by 13.1% in the 1st quarter. First Manhattan CO. LLC. now owns 1,655 shares of the information technology services provider's stock worth $1,318,000 after acquiring an additional 192 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

NOW opened at $912.93 on Wednesday. The stock's 50 day simple moving average is $943.00 and its 200-day simple moving average is $924.15. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $189.89 billion, a PE ratio of 114.98, a P/E/G ratio of 4.14 and a beta of 0.91. 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 posted 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 for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.13 earnings per share. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group decreased their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. BMO Capital Markets boosted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Citigroup raised their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Needham & Company LLC lifted their price target on 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, Raymond James Financial upped their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. This represents a 46.83% 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 in the last 90 days. 0.38% of the stock is currently owned by 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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