GQG Partners LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• GQG Partners LLC purchased a new stake in ServiceNow, acquiring 619 shares valued at approximately $493,000, signifying a growing interest in the company among institutional investors.
• ServiceNow reported a 22.4% year-over-year increase in quarterly revenue, reaching $3.22 billion, and EPS of $4.09, which surpassed analyst expectations.
• Analysts have a consensus price target of $1,115.20 for ServiceNow, with various firms upgrading their ratings and setting targets as high as $1,210.00, reflecting strong positive sentiment for the stock.

GQG Partners LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 619 shares of the information technology services provider's stock, valued at approximately $493,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NOW. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of ServiceNow by 5.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,366 shares of the information technology services provider's stock worth $5,068,000 after purchasing an additional 346 shares during the period. S Bank Fund Management Ltd bought a new stake in shares of ServiceNow in the first quarter valued at about $2,923,000. National Pension Service lifted its holdings in shares of ServiceNow by 5.0% in the first quarter. National Pension Service now owns 403,014 shares of the information technology services provider's stock valued at $320,856,000 after purchasing an additional 19,046 shares in the last quarter. Klingman & Associates LLC lifted its holdings in shares of ServiceNow by 9.8% in the first quarter. Klingman & Associates LLC now owns 436 shares of the information technology services provider's stock valued at $347,000 after purchasing an additional 39 shares in the last quarter. Finally, Dagco Inc. bought a new stake in shares of ServiceNow in the first quarter valued at about $33,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NYSE NOW opened at $852.98 on Wednesday. The stock has a fifty day simple moving average of $976.64 and a two-hundred day simple moving average of $939.68. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The firm has a market cap of $177.42 billion, a price-to-earnings ratio of 107.43, a price-to-earnings-growth ratio of 3.86 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results 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 for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business'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 earnings per share. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total transaction of $749,808.50. Following the sale, the director owned 588 shares in the company, valued at $582,414. This represents a 56.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 292 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $878.39, for a total transaction of $256,489.88. Following the completion of the transaction, the chief financial officer directly owned 11,551 shares in the company, valued at approximately $10,146,282.89. The trade was a 2.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,587 shares of company stock valued at $5,584,027. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NOW. TD Securities reiterated a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and upped their price objective for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Barclays set a $1,210.00 price objective on ServiceNow in a research note on Thursday, July 24th. Mizuho upped their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Finally, Scotiabank set a $1,100.00 price objective on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.

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