Cetera Investment Advisers Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Cetera Investment Advisers has increased its stake in ServiceNow, Inc. by 3.4%, totaling $42.14 million with 52,934 shares as of the latest SEC filing.
• ServiceNow reported a $4.09 EPS for the last quarter, surpassing analyst expectations of $3.57, with revenue up 22.4% year-over-year at $3.22 billion.
• Multiple analysts have given ServiceNow an "outperform" rating, with price targets raised, including a new target of $1,150 from Oppenheimer.

Cetera Investment Advisers lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 52,934 shares of the information technology services provider's stock after acquiring an additional 1,720 shares during the period. Cetera Investment Advisers' holdings in ServiceNow were worth $42,143,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. FMR LLC raised its stake in shares of ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Geode Capital Management LLC raised its stake in ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock worth $4,560,890,000 after buying an additional 100,670 shares in the last quarter. GAMMA Investing LLC raised its stake in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock worth $2,814,433,000 after buying an additional 87,876 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on NOW. Piper Sandler increased their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Evercore ISI increased their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Needham & Company LLC upped their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a 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 assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 257 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $253,145.00. Following the sale, the insider owned 3,027 shares in the company, valued at $2,981,595. The trade was a 7.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,233 shares of company stock worth $5,297,758 in the last 90 days. Company insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

NOW traded down $8.49 during trading on Wednesday, hitting $984.71. The company's stock had a trading volume of 228,289 shares, compared to its average volume of 1,681,890. 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 one year low of $678.66 and a one year high of $1,198.09. The firm has a market cap of $204.82 billion, a PE ratio of 124.02, a P/E/G ratio of 4.44 and a beta of 0.94. The business's 50 day simple moving average is $998.96 and its 200-day simple moving average is $951.86.

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. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the company earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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.