Baader Bank Aktiengesellschaft Grows Stock Position in ServiceNow, Inc. $NOW

Key Points

• Baader Bank Aktiengesellschaft increased its stake in ServiceNow by 130.6% in the second quarter, acquiring an additional 1,894 shares, bringing its total holdings to 3,344 shares valued at approximately $3.426 million.
• Analysts have set new price targets for ServiceNow, with Citigroup raising its target from $1,160 to $1,234 and Wells Fargo increasing theirs to $1,225, reflecting strong buy ratings from multiple brokerages.
• Insider trading activity included significant stock sales by General Counsel Russell S. Elmer and CEO William R. Mcdermott, with Elmer selling 1,698 shares and Mcdermott selling 5,825 shares, indicating a 46.83% decrease in their ownership stakes.

Baader Bank Aktiengesellschaft lifted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 130.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,344 shares of the information technology services provider's stock after buying an additional 1,894 shares during the quarter. Baader Bank Aktiengesellschaft's holdings in ServiceNow were worth $3,426,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Bogart Wealth LLC increased its stake in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the first quarter valued at $26,000. WASHINGTON TRUST Co boosted its holdings in ServiceNow by 620.0% in the first 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 period. Dagco Inc. purchased a new stake in ServiceNow during the 1st quarter worth about $33,000. Finally, Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow during the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on NOW shares. Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Piper Sandler increased their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. UBS Group lowered their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Finally, BMO Capital Markets raised their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note 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 issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

Shares of NYSE:NOW traded up $15.47 on Friday, hitting $963.21. 2,806,372 shares of the company were exchanged, compared to its average volume of 1,416,023. The company's 50 day moving average price is $922.60 and its two-hundred day moving average price is $923.38. ServiceNow, Inc. has a one year low of $678.66 and a one year 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 firm has a market capitalization of $200.35 billion, a price-to-earnings ratio of 121.31, a PEG ratio of 4.33 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 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 firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the business earned $3.13 earnings per share. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following 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 have sold a total of 18,976 shares of company stock valued at $17,049,775 in the last three months. 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.