DnB Asset Management AS Grows Position in ServiceNow, Inc. $NOW

Key Points

• DnB Asset Management AS increased its stake in ServiceNow, Inc. by 10.5% in Q1, holding 140,959 shares valued at $112.22 million by the end of the quarter.
• ServiceNow has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and a current average price target of $1,115.20.
• Insider trading activity included CEO William R. McDermott selling 5,825 shares for approximately $5.33 million, reflecting a significant reduction in their ownership.

DnB Asset Management AS grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 140,959 shares of the information technology services provider's stock after acquiring an additional 13,406 shares during the period. DnB Asset Management AS owned about 0.07% of ServiceNow worth $112,223,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Edmond DE Rothschild Holding S.A. grew its position in shares of ServiceNow by 10.1% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 936 shares of the information technology services provider's stock valued at $745,000 after buying an additional 86 shares during the last quarter. EFG Asset Management North America Corp. grew its position in shares of ServiceNow by 5.9% in the 1st quarter. EFG Asset Management North America Corp. now owns 6,344 shares of the information technology services provider's stock valued at $5,052,000 after buying an additional 356 shares during the last quarter. Eventide Asset Management LLC grew its position in shares of ServiceNow by 7.4% in the 1st quarter. Eventide Asset Management LLC now owns 6,267 shares of the information technology services provider's stock valued at $4,990,000 after buying an additional 430 shares during the last quarter. Clark Capital Management Group Inc. grew its position in shares of ServiceNow by 4.3% in the 1st quarter. Clark Capital Management Group Inc. now owns 537 shares of the information technology services provider's stock valued at $428,000 after buying an additional 22 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of ServiceNow by 16.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock valued at $1,379,461,000 after buying an additional 242,132 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

NYSE:NOW traded up $14.73 during trading hours on Friday, hitting $913.29. The company's stock had a trading volume of 1,282,604 shares, compared to its average volume of 1,802,566. The business's 50-day moving average is $936.79 and its two-hundred day moving average is $922.51. The company has a market capitalization of $189.96 billion, a PE ratio of 115.02, a PEG ratio of 4.12 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.13 earnings per share. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on NOW shares. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Citigroup lifted their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 in the last three months. Insiders own 0.38% of the company's stock.

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.