Deutsche Bank AG Grows Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Deutsche Bank AG increased its stake in ServiceNow, Inc. by 24.0% during Q1, owning a total of 1,522,141 shares worth approximately $1.21 billion.
• A series of large investors, including Quarry LP and WASHINGTON TRUST Co, have also made significant adjustments to their holdings in ServiceNow, contributing to institutional ownership of 87.18% of the company's stock.
• ServiceNow recently reported $3.22 billion in revenue for the quarter, exceeding analyst estimates, with a year-over-year revenue increase of 22.4%.

Deutsche Bank AG lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,522,141 shares of the information technology services provider's stock after buying an additional 295,080 shares during the period. Deutsche Bank AG owned 0.74% of ServiceNow worth $1,211,837,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in NOW. Quarry LP purchased a new stake in ServiceNow in the fourth quarter valued at approximately $27,000. Bogart Wealth LLC grew its stake in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow during the first quarter valued at approximately $26,000. Heck Capital Advisors LLC purchased a new position in ServiceNow in the 4th quarter valued at about $37,000. Finally, WASHINGTON TRUST Co boosted its holdings in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other news, 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 value of $1,194,420.00. Following the transaction, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 145 shares of the company'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 $147,900.00. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at approximately $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock worth $5,318,667 in the last 90 days. Insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of several research analyst reports. Guggenheim reissued a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. Needham & Company LLC increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Monday. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Finally, Barclays set a $1,210.00 target price on shares of ServiceNow in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

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

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for 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%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.13 EPS. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share 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.

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