ServiceNow, Inc. $NOW Shares Purchased by Hancock Whitney Corp

Key Points

• Hancock Whitney Corp increased its stake in ServiceNow, Inc. by 87.3%, acquiring an additional 1,297 shares, pushing its total holdings to 2,783 shares valued at approximately $2.2 million.
• ServiceNow recently reported a quarterly earnings per share (EPS) of $4.09, significantly exceeding analysts' estimates of $3.57, alongside a revenue of $3.22 billion.
• Several analysts upgraded their ratings on ServiceNow, with price targets increasing to as high as $1,234, indicating positive market sentiment surrounding the company's performance.

Hancock Whitney Corp increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 87.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,783 shares of the information technology services provider's stock after acquiring an additional 1,297 shares during the period. Hancock Whitney Corp's holdings in ServiceNow were worth $2,216,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of NOW. GAMMA Investing LLC increased its position in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Nuveen LLC purchased a new stake in shares of ServiceNow in the first quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after buying an additional 840,731 shares in the last quarter. Finally, Parnassus Investments LLC purchased a new stake in ServiceNow in the first quarter valued at approximately $519,806,000. 87.18% of the stock is owned by institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction 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 sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by corporate insiders.

ServiceNow Stock Up 2.9%

NYSE:NOW traded up $26.25 on Monday, hitting $940.05. 1,613,497 shares of the company's stock were exchanged, compared to its average volume of 1,709,234. The firm has a 50-day moving average price of $936.79 and a 200-day moving average price of $922.19. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a market cap of $195.53 billion, a P/E ratio of 118.39, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. 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 (NYSE:NOW - Get Free Report) last issued its quarterly 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 company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.13 earnings per share. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Ratings Changes

NOW has been the subject of several research reports. Bank of America upped 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. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Citigroup increased their target price on 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 ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Barclays set a $1,210.00 price target on ServiceNow in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.