Citizens Financial Group Inc. RI Buys 624 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Citizens Financial Group Inc. RI increased its stake in ServiceNow by 6.1%, acquiring 624 shares during the 1st quarter, bringing its total holdings to 10,910 shares worth $8,686,000.
• ServiceNow has received multiple upgrades from brokerages, with analysts raising target prices, including a notable increase from $1,010.00 to $1,150.00 by Robert W. Baird, highlighting strong investor confidence in the stock.
• The company's most recent quarterly earnings report revealed an earnings per share (EPS) of $4.09, exceeding estimates, alongside a revenue increase of 22.4% year-over-year, further solidifying its market position.

Citizens Financial Group Inc. RI boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,910 shares of the information technology services provider's stock after acquiring an additional 624 shares during the quarter. Citizens Financial Group Inc. RI's holdings in ServiceNow were worth $8,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of NOW. Fi3 FINANCIAL ADVISORS LLC boosted its holdings in shares of ServiceNow by 16.2% during the first quarter. Fi3 FINANCIAL ADVISORS LLC now owns 568 shares of the information technology services provider's stock worth $452,000 after purchasing an additional 79 shares during the period. Nicholas Hoffman & Company LLC. lifted its holdings in ServiceNow by 13.8% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 735 shares of the information technology services provider's stock worth $585,000 after buying an additional 89 shares during the period. Leeward Financial Partners LLC grew its position in shares of ServiceNow by 2.6% in the 1st quarter. Leeward Financial Partners LLC now owns 3,263 shares of the information technology services provider's stock worth $2,598,000 after buying an additional 82 shares during the last quarter. Exencial Wealth Advisors LLC increased its stake in shares of ServiceNow by 2.5% during the first quarter. Exencial Wealth Advisors LLC now owns 572 shares of the information technology services provider's stock valued at $455,000 after buying an additional 14 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of ServiceNow by 1.6% during the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after buying an additional 297,734 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NOW. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. 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. Robert W. Baird raised their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. UBS Group reduced their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Finally, Royal Bank Of Canada raised their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 145 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the transaction, the insider owned 3,027 shares of the company's stock, valued at $3,087,540. This trade represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 5,250 shares of company stock valued at $5,318,667. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Stock Up 0.7%

NOW stock opened at $911.07 on Thursday. The company has a market cap of $189.50 billion, a price-to-earnings ratio of 114.74, a P/E/G ratio of 4.08 and a beta of 0.93. 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 business's 50-day moving average is $988.58 and its two-hundred day moving average is $947.68. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

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 the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue for the quarter 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. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow Company 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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