Banque Cantonale Vaudoise Acquires New Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Banque Cantonale Vaudoise acquired a new stake in ServiceNow, purchasing 11,452 shares valued at approximately $9.12 million in the 1st quarter of 2023.
• ServiceNow reported earnings of $4.09 per share, beating analysts' expectations by $0.52, with quarterly revenue of $3.22 billion, a 22.4% increase year-over-year.
• Research firms have increased their price targets for ServiceNow, with Jefferies Financial Group and Oppenheimer both setting new targets of $1,150, reflecting strong analyst confidence in the company’s growth potential.

Banque Cantonale Vaudoise purchased a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 11,452 shares of the information technology services provider's stock, valued at approximately $9,118,000.

Other hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of ServiceNow by 1.5% in 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 buying an additional 12,533 shares during the period. FMR LLC grew 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 during the period. Parr Mcknight Wealth Management Group LLC purchased a new position in shares of ServiceNow during the 1st quarter worth approximately $1,820,000. Nicholas Investment Partners LP boosted its position in shares of ServiceNow by 223.5% during the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after purchasing an additional 1,938 shares during the period. Finally, OMNI 360 Wealth Inc. purchased a new position in shares of ServiceNow during the 1st quarter worth approximately $285,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NOW stock opened at $985.51 on Tuesday. The company has a market capitalization of $203.98 billion, a PE ratio of 124.12, a price-to-earnings-growth ratio of 4.42 and a beta of 0.94. The firm has a fifty day simple moving average of $999.53 and a 200-day simple moving average of $951.58. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its 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 business had revenue of $3.22 billion during 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 quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.13 earnings per share. Equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Anita M. Sands sold 428 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director owned 10,891 shares in the company, valued at $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,233 shares of company stock valued at $5,297,758. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Jefferies Financial Group increased their price objective 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. Oppenheimer reaffirmed an "outperform" rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Mizuho increased their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Canaccord Genuity Group lowered their price objective 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, Citigroup increased their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.

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