Korea Investment CORP Purchases 2,195 Shares of ServiceNow, Inc. $NOW

Key Points

• Korea Investment CORP increased its stake in ServiceNow, Inc. by 1.3%, acquiring an additional 2,195 shares during the first quarter, totaling approximately $131.7 million.
• Analysts have set new price targets for ServiceNow, with some expecting the price to reach as high as $1,234.00, while the stock currently has an average rating of "Moderate Buy."
• Insider trading activity revealed that CFO Gina Mastantuono sold 292 shares recently, resulting in a modest decline in her ownership stake, while total insider sales exceeded 5,700 shares over the past three months.

Korea Investment CORP lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,404 shares of the information technology services provider's stock after buying an additional 2,195 shares during the quarter. Korea Investment CORP owned about 0.08% of ServiceNow worth $131,685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Aviso Financial Inc. grew its stake in shares of ServiceNow by 15.1% in the first quarter. Aviso Financial Inc. now owns 1,848 shares of the information technology services provider's stock valued at $1,471,000 after buying an additional 243 shares in the last quarter. Brooklyn Investment Group lifted its holdings in ServiceNow by 7.2% during the 1st quarter. Brooklyn Investment Group now owns 1,431 shares of the information technology services provider's stock valued at $1,139,000 after purchasing an additional 96 shares during the last quarter. Valley Brook Capital Group Inc. lifted its holdings in ServiceNow by 27.7% during the 1st quarter. Valley Brook Capital Group Inc. now owns 586 shares of the information technology services provider's stock valued at $467,000 after purchasing an additional 127 shares during the last quarter. Corient IA LLC acquired a new stake in ServiceNow during the 1st quarter valued at $796,000. Finally, George Kaiser Family Foundation lifted its holdings in ServiceNow by 5.4% during the 1st quarter. George Kaiser Family Foundation now owns 6,074 shares of the information technology services provider's stock valued at $4,836,000 after purchasing an additional 311 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NOW shares. Stifel Nicolaus raised their price target on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Citigroup raised their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Wells Fargo & Company raised their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Finally, Bank of America lifted their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 292 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 11,551 shares of the company's stock, valued at $10,146,282.89. This represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,738 shares of company stock valued at $5,713,973 over the last three months. 0.38% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $866.89 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock's 50 day moving average is $967.03 and its 200-day moving average is $933.05. The firm has a market capitalization of $180.31 billion, a price-to-earnings ratio of 109.18, a PEG ratio of 3.91 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping 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 analyst estimates of $3.12 billion. During the same period in the prior year, the firm earned $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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.

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