Covea Finance Buys 3,100 Shares of ServiceNow, Inc. (NYSE:NOW)

Covea Finance raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,665 shares of the information technology services provider's stock after acquiring an additional 3,100 shares during the quarter. ServiceNow makes up 1.4% of Covea Finance's portfolio, making the stock its 22nd largest holding. Covea Finance's holdings in ServiceNow were worth $31,579,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Carr Financial Group Corp lifted its holdings in shares of ServiceNow by 16.6% during the first quarter. Carr Financial Group Corp now owns 1,220 shares of the information technology services provider's stock valued at $971,000 after acquiring an additional 174 shares during the period. Segment Wealth Management LLC lifted its holdings in shares of ServiceNow by 29.9% during the first quarter. Segment Wealth Management LLC now owns 921 shares of the information technology services provider's stock valued at $733,000 after acquiring an additional 212 shares during the period. Citizens & Northern Corp raised its holdings in shares of ServiceNow by 6.4% in the first quarter. Citizens & Northern Corp now owns 1,802 shares of the information technology services provider's stock valued at $1,435,000 after buying an additional 109 shares during the last quarter. L.M. Kohn & Company raised its holdings in shares of ServiceNow by 1.1% in the first quarter. L.M. Kohn & Company now owns 1,942 shares of the information technology services provider's stock valued at $1,546,000 after buying an additional 21 shares during the last quarter. Finally, Trifecta Capital Advisors LLC raised its holdings in shares of ServiceNow by 3.7% in the first quarter. Trifecta Capital Advisors LLC now owns 8,470 shares of the information technology services provider's stock valued at $6,743,000 after buying an additional 299 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 428 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director now owns 10,891 shares of the company's stock, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer now directly owns 6,614 shares of the company's stock, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is owned by company insiders.

ServiceNow Price Performance

ServiceNow stock opened at $969.78 on Friday. The firm has a market capitalization of $200.72 billion, a P/E ratio of 131.76, a PEG ratio of 4.53 and a beta of 0.95. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The business has a 50-day moving average of $964.42 and a 200-day moving average of $971.38. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the previous year, the firm earned $3.41 EPS. ServiceNow's quarterly revenue was up 18.6% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analyst Weigh In

NOW has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $1,050.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. FBN Securities raised ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Canaccord Genuity Group cut their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Oppenheimer reaffirmed an "outperform" rating and issued a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

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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