Financiere des Professionnels Fonds d investissement inc. Takes Position in ServiceNow, Inc. $NOW

Key Points

• Financiere des Professionnels Fonds d'investissement inc. acquired 496 shares of ServiceNow, Inc. for approximately $510,000 during the 2nd quarter, marking its first investment in the company.
• ServiceNow reported a significant 22.4% increase in revenue year-over-year, with an EPS of $4.09 that beat estimates by $0.52, indicating strong financial performance.
• Numerous brokerages have increased their price targets for ServiceNow's stock, with Piper Sandler raising its target from $1,120 to $1,150, reflecting ongoing confidence in the company’s growth potential.

Financiere des Professionnels Fonds d investissement inc. purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 496 shares of the information technology services provider's stock, valued at approximately $510,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. Bogart Wealth LLC raised its holdings in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow during the first quarter valued at approximately $26,000. WASHINGTON TRUST Co raised its position in ServiceNow by 620.0% during 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. bought a new position in ServiceNow during the first quarter valued at approximately $33,000. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NOW traded up $15.47 during trading hours on Friday, hitting $963.21. The stock had a trading volume of 2,806,372 shares, compared to its average volume of 1,416,023. The company's fifty day moving average is $922.60 and its two-hundred day moving average is $923.38. 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 52 week low of $678.66 and a 52 week high of $1,198.09. The stock has a market capitalization of $200.35 billion, a price-to-earnings ratio of 121.31, a P/E/G ratio of 4.27 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last announced its 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 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 for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.13 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. This 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 through this link. Also, Director Anita M. Sands sold 1,097 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the transaction, the director owned 9,307 shares in the company, valued at $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. 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 three months. Insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of several recent research reports. UBS Group cut their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Jefferies Financial Group raised their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. BMO Capital Markets lifted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Bank of America lifted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Guggenheim reiterated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

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.