Eventide Asset Management LLC Boosts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Eventide Asset Management LLC increased its stake in ServiceNow, Inc. by 7.4%, holding 6,267 shares worth approximately $4.99 million as of its latest SEC filing.
• Insiders, including General Counsel Russell S. Elmer and Vice Chairman Nicholas Tzitzon, sold a significant number of shares recently, with total sales amounting to $17 million in the last 90 days.
• Equity analysts have updated their price targets for ServiceNow, with Bank of America raising its target from $1,110 to $1,200 and services receiving a mix of ratings, resulting in an average target price of $1,115.20.

Eventide Asset Management LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,267 shares of the information technology services provider's stock after buying an additional 430 shares during the quarter. Eventide Asset Management LLC's holdings in ServiceNow were worth $4,990,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after buying an additional 297,734 shares in the last quarter. GAMMA Investing LLC boosted its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of ServiceNow by 3.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock worth $2,814,433,000 after purchasing an additional 87,876 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of ServiceNow by 4.9% during the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock valued at $2,484,752,000 after acquiring an additional 109,293 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of ServiceNow during the 1st quarter valued at about $1,817,535,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Up 2.9%

NOW stock traded up $26.25 during midday trading on Monday, reaching $940.05. The stock had a trading volume of 1,558,428 shares, compared to its average volume of 1,709,234. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The business has a fifty day simple moving average of $936.79 and a two-hundred day simple moving average of $922.19. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $195.53 billion, a price-to-earnings ratio of 118.39, a PEG ratio of 4.12 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for 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%.The business's revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.13 earnings per share. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow 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 sale, the insider directly owned 3,000 shares in the company, valued at $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anita M. Sands sold 1,097 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the sale, the director directly owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. This trade represents a 10.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 over the last quarter. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NOW. Raymond James Financial boosted their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Finally, Guggenheim restated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. One equities research 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's stock. According to data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average 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.