Insight Advisors LLC PA Invests $280,000 in ServiceNow, Inc. $NOW

Key Points

• Insight Advisors LLC PA invested $280,000 in ServiceNow, Inc., acquiring 272 shares during the second quarter, as reported in its latest SEC filing.
• Major institutional holders include Vanguard Group and UBS AM, with Vanguard increasing its holdings by 1.6%, and UBS AM by 7.1% in the first quarter.
• Analysts are optimistic on ServiceNow's prospects, with several firms raising their price targets and the stock receiving an average rating of "Moderate Buy."

Insight Advisors LLC PA acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 272 shares of the information technology services provider's stock, valued at approximately $280,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in ServiceNow by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after purchasing an additional 297,734 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in ServiceNow by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after buying an additional 188,292 shares in the last quarter. Nuveen LLC acquired a new position in ServiceNow in the 1st quarter valued at approximately $1,817,535,000. Alliancebernstein L.P. lifted its position in shares of ServiceNow by 16.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock worth $1,379,461,000 after acquiring an additional 242,132 shares during the period. Finally, Amundi grew its holdings in shares of ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Piper Sandler upped their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Wall Street Zen upgraded ServiceNow from a "hold" rating to a "buy" rating in a research report on Saturday, October 18th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Finally, Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average target price of $1,124.17.

ServiceNow Price Performance

Shares of NOW stock opened at $939.60 on Friday. The firm's 50 day moving average price is $916.59 and its two-hundred day moving average price is $939.53. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current 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 cap of $195.44 billion, a PE ratio of 118.34, a PEG ratio of 4.21 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. The firm's quarterly revenue was up 22.4% on a year-over-year basis. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.