Covea Finance Grows Position in ServiceNow, Inc. $NOW

Key Points

• Covea Finance increased its stake in ServiceNow by 13.8% during the second quarter, owning a total of 45,120 shares valued at $46.4 million.
• Institutional investors now hold 87.18% of ServiceNow's stock, with significant increases in holdings by firms like GAMMA Investing and Goldman Sachs, signaling strong institutional interest.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' estimates and marking a 22.4% increase in revenue compared to the previous year.

Covea Finance grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 13.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,120 shares of the information technology services provider's stock after buying an additional 5,455 shares during the period. ServiceNow accounts for 1.7% of Covea Finance's investment portfolio, making the stock its 15th biggest position. Covea Finance's holdings in ServiceNow were worth $46,387,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NOW. GAMMA Investing LLC boosted its holdings in shares of ServiceNow by 87,501.3% during 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 purchasing an additional 2,686,291 shares during the last quarter. Nuveen LLC acquired a new position in ServiceNow in the first quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. Finally, Parnassus Investments LLC acquired a new position in ServiceNow in the first quarter valued at $519,806,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

NOW opened at $948.49 on Tuesday. The company has a market capitalization of $197.29 billion, a price-to-earnings ratio of 119.46, a price-to-earnings-growth ratio of 4.33 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. 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 price of $922.33 and a two-hundred day moving average price of $924.52.

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, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.13 earnings per share. Research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business'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 sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 over the last three months. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

NOW has been the topic of a number of recent research reports. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Erste Group Bank restated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Mizuho boosted their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Jefferies Financial Group boosted their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Citigroup boosted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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