Assenagon Asset Management S.A. Has $392.92 Million Stake in ServiceNow, Inc. $NOW

Key Points

• Assenagon Asset Management S.A. boosted its stake in ServiceNow, Inc. by 41.0% in the second quarter, now holding 382,189 shares valued at approximately $392.9 million.
• Several hedge funds have also recently increased their positions in ServiceNow, with 87.18% of the company's stock owned by institutional investors.
• Analysts have raised their price targets for ServiceNow, with Mizuho setting a new target of $1,100 and Bank of America raising theirs to $1,200, indicating strong investment sentiment around the stock.

Assenagon Asset Management S.A. increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 41.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 382,189 shares of the information technology services provider's stock after acquiring an additional 111,216 shares during the period. Assenagon Asset Management S.A. owned about 0.18% of ServiceNow worth $392,921,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow during the 1st quarter valued at about $26,000. WASHINGTON TRUST Co lifted its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the last quarter. Dagco Inc. bought a new position in ServiceNow during the 1st quarter valued at about $33,000. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow during the 4th quarter valued at about $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, 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 transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NOW has been the subject of several analyst reports. DA Davidson lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on shares of ServiceNow in a report on Thursday, July 24th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Finally, Guggenheim reaffirmed a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Trading Up 1.6%

NYSE NOW traded up $15.47 during trading on Friday, reaching $963.21. 2,806,372 shares of the stock traded hands, compared to its average volume of 1,416,023. The firm has a market cap of $200.35 billion, a price-to-earnings ratio of 121.31, a price-to-earnings-growth ratio of 4.33 and a beta of 0.91. The stock's 50-day moving average price is $922.60 and its 200 day moving average price is $923.43. The company has a quick ratio of 1.09, a current 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 released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company 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%. The business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.13 earnings per share. Analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.