Intech Investment Management LLC Boosts Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Intech Investment Management LLC increased its stake in ServiceNow by 25.6%, acquiring an additional 1,852 shares, bringing its total holdings to 9,080 shares valued at approximately $7.23 million.
• ServiceNow's stock has seen price target upgrades from multiple analysts, with Bank of America setting a new target of $1,200, while Guggenheim maintained a "sell" rating with a $724.00 target.
• ServiceNow reported earnings of $4.09 per share, exceeding estimates of $3.57, and achieved a revenue of $3.22 billion, marking a 22.4% increase from the previous year.

Intech Investment Management LLC raised its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 25.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,080 shares of the information technology services provider's stock after acquiring an additional 1,852 shares during the quarter. Intech Investment Management LLC's holdings in ServiceNow were worth $7,229,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Haverford Trust Co boosted its stake in ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares during the period. Ascent Group LLC boosted its stake in ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock valued at $1,628,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. boosted its stake in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC lifted its position in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after acquiring an additional 11 shares during the period. Finally, one8zero8 LLC lifted its position in shares of ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent analyst reports. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Erste Group Bank restated a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Finally, BMO Capital Markets upped their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Buying and Selling at ServiceNow

In related news, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was 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 owned 457 shares of the company's stock, valued at $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 value of $1,003,875.67. Following the sale, the director directly owned 9,307 shares of the company's stock, valued at $8,516,928.77. This represents a 10.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 over the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Trading Down 0.9%

Shares of NOW stock traded down $8.24 on Friday, hitting $930.04. The company had a trading volume of 711,066 shares, compared to its average volume of 1,580,307. The firm has a market cap of $193.45 billion, a P/E ratio of 117.13, a P/E/G ratio of 4.23 and a beta of 0.91. The stock's 50-day moving average is $927.34 and its two-hundred day moving average is $922.46. 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 twelve month low of $678.66 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during 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 quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.13 earnings per share. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow 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.