EFG Asset Management North America Corp. Purchases 356 Shares of ServiceNow, Inc. $NOW

Key Points

• EFG Asset Management North America Corp. increased its stake in ServiceNow, Inc. by 5.9%, acquiring an additional 356 shares, bringing its total ownership to 6,344 shares valued at approximately $5,052,000.
• Multiple analysts have updated their price targets for ServiceNow, with Bank of America raising its target to $1,200 and Raymond James lifting it to $1,100, indicating positive sentiment towards the stock.
• CEO William R. McDermott sold 5,825 shares of ServiceNow at an average price of $916.63, representing a significant 46.83% decrease in his holdings.

EFG Asset Management North America Corp. raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,344 shares of the information technology services provider's stock after purchasing an additional 356 shares during the period. ServiceNow accounts for approximately 0.8% of EFG Asset Management North America Corp.'s investment portfolio, making the stock its 26th biggest position. EFG Asset Management North America Corp.'s holdings in ServiceNow were worth $5,052,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NOW. 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 acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow in the first quarter valued at about $26,000. WASHINGTON TRUST Co grew its stake in shares of 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 acquiring an additional 31 shares in the last quarter. Dagco Inc. acquired a new position in shares of ServiceNow in the first quarter valued at about $33,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at about $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NOW. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. Piper Sandler increased their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Citigroup increased their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. DA Davidson increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One equities research 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 over the last quarter. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

Shares of NOW stock traded up $14.73 on Friday, reaching $913.29. The company had a trading volume of 1,282,604 shares, compared to its average volume of 1,802,566. The stock has a market capitalization of $189.96 billion, a PE ratio of 115.02, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The business's 50-day moving average is $936.79 and its 200 day moving average is $922.51.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS 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 analysts' expectations 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 business earned $3.13 earnings per share. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

About ServiceNow

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.