BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 11,100 Shares of ServiceNow, Inc. $NOW

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in ServiceNow, Inc. by 17.1%, acquiring an additional 11,100 shares during Q1, bringing their total to 76,150 shares valued at $60.6 million.
• Analysts have varied price targets for ServiceNow, with Wells Fargo raising its target to $1,225, while Guggenheim issued a target of $724, reflecting a consensus target price of $1,115.20.
• ServiceNow reported earnings of $4.09 per share for Q2, exceeding estimates by $0.52, and their revenue increased by 22.4% year-over-year, totaling $3.22 billion.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,150 shares of the information technology services provider's stock after acquiring an additional 11,100 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in ServiceNow were worth $60,626,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of NOW. Brighton Jones LLC lifted its position in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. Hancock Whitney Corp lifted its holdings in ServiceNow by 1.3% in the fourth quarter. Hancock Whitney Corp now owns 1,486 shares of the information technology services provider's stock valued at $1,575,000 after buying an additional 19 shares during the period. Kovitz Investment Group Partners LLC lifted its holdings in ServiceNow by 136.3% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 28,944 shares of the information technology services provider's stock valued at $30,684,000 after buying an additional 16,696 shares during the period. Rothschild Capital Partners LLC acquired a new position in ServiceNow in the fourth quarter valued at approximately $382,000. Finally, Lord Abbett & CO. LLC lifted its holdings in ServiceNow by 62.6% in the fourth quarter. Lord Abbett & CO. LLC now owns 175,252 shares of the information technology services provider's stock valued at $185,788,000 after buying an additional 67,475 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NOW has been the topic of several analyst reports. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Guggenheim restated a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Erste Group Bank restated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Finally, BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. One investment 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's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Up 1.0%

Shares of NOW stock opened at $885.7930 on Friday. The company has a market capitalization of $184.24 billion, a price-to-earnings ratio of 111.56, a P/E/G ratio of 3.95 and a beta of 0.93. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm has a fifty day moving average of $955.00 and a 200-day moving average of $929.70. 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 (NYSE:NOW - Get Free Report) last released its 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. 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 firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.13 earnings per share. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction dated 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 sale, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,096 shares of company stock worth $14,807,562. Corporate insiders own 0.38% of the company's stock.

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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