Canada Pension Plan Investment Board Has $299.91 Million Holdings in ServiceNow, Inc. $NOW

Key Points

• The Canada Pension Plan Investment Board increased its stake in ServiceNow, Inc. by 29.1%, bringing its ownership to approximately $299.91 million as of the latest filing.
• ServiceNow reported $4.09 earnings per share for the last quarter, exceeding expectations, with revenue up 22.4% year-over-year at $3.22 billion.
• Several analysts have raised their price targets for ServiceNow, with Needham & Company increasing its target from $1,050 to $1,200, indicating a strong positive outlook for the stock.

Canada Pension Plan Investment Board raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 376,701 shares of the information technology services provider's stock after buying an additional 84,917 shares during the period. Canada Pension Plan Investment Board owned about 0.18% of ServiceNow worth $299,907,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Haverford Trust Co grew its position in shares of ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. grew its position in shares of ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC grew its position in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC grew its position in shares of ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares in the last quarter. Finally, Capital Investment Advisory Services LLC grew its position in shares of ServiceNow by 2.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after purchasing an additional 12 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NOW shares. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Bank of America increased their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Guggenheim restated a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Finally, Mizuho upped their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. One research 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction 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 approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,585 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the transaction, the chief executive officer directly owned 12,439 shares of the company's stock, valued at $11,195,100. The trade was a 11.30% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,302 shares of company stock valued at $10,956,796. 0.38% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NYSE:NOW traded down $10.12 on Friday, hitting $918.49. The company had a trading volume of 1,881,767 shares, compared to its average volume of 1,914,586. The stock has a market capitalization of $191.04 billion, a price-to-earnings ratio of 115.68, a PEG ratio of 4.14 and a beta of 0.93. 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 firm has a 50 day moving average of $945.88 and a two-hundred day moving average of $925.15. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS 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 firm's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.13 EPS. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share 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.