Legal & General Group Plc Increases Holdings in ServiceNow, Inc. $NOW

Key Points

• Legal & General Group Plc increased its stake in ServiceNow by 1.8% in Q3 to 1,360,815 shares—about 0.65% of the company—valued at $1.252 billion.
• Other institutions also added shares (notably Victory Capital up 49.3%), leaving 87.18% of the stock owned by hedge funds and institutional investors.
• ServiceNow beat quarterly estimates with $0.92 EPS (vs. $0.89) and $3.57B revenue, up 20.7% YoY, while the stock trades near $122 and carries an average analyst price target of $192.06 (Moderate Buy).

Legal & General Group Plc increased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,360,815 shares of the information technology services provider's stock after purchasing an additional 24,343 shares during the quarter. Legal & General Group Plc owned approximately 0.65% of ServiceNow worth $1,252,331,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its stake in shares of ServiceNow by 49.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,033,496 shares of the information technology services provider's stock worth $951,106,000 after purchasing an additional 341,037 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of ServiceNow by 5.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 326,046 shares of the information technology services provider's stock worth $300,073,000 after purchasing an additional 16,543 shares in the last quarter. Russell Investments Group Ltd. grew its stake in ServiceNow by 5.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 359,216 shares of the information technology services provider's stock worth $331,188,000 after buying an additional 18,387 shares during the last quarter. Blair William & Co. IL increased its position in ServiceNow by 21.7% during the 3rd quarter. Blair William & Co. IL now owns 399,081 shares of the information technology services provider's stock valued at $367,266,000 after buying an additional 71,293 shares in the last quarter. Finally, NZS Capital LLC increased its position in ServiceNow by 445.7% during the 3rd quarter. NZS Capital LLC now owns 26,485 shares of the information technology services provider's stock valued at $24,374,000 after buying an additional 21,632 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NOW opened at $122.04 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12. ServiceNow, Inc. has a 12-month low of $98.00 and a 12-month high of $211.48. The firm has a 50 day moving average of $122.24 and a two-hundred day moving average of $156.81. The firm has a market capitalization of $127.65 billion, a PE ratio of 73.16, a P/E/G ratio of 2.10 and a beta of 0.99.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 28th. The information technology services provider reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.03. ServiceNow had a return on equity of 18.54% and a net margin of 13.16%.The business had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.53 billion. During the same period in the previous year, the business earned $0.73 earnings per share. The business's revenue was up 20.7% compared to the same quarter last year. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Ratings Changes

NOW has been the subject of several recent analyst reports. Arete Research set a $200.00 price target on ServiceNow in a report on Tuesday, January 6th. Capital One Financial cut their price objective on shares of ServiceNow from $188.00 to $161.00 and set an "overweight" rating on the stock in a report on Friday, January 16th. Stifel Nicolaus set a $180.00 target price on shares of ServiceNow and gave the stock a "buy" rating in a research note on Thursday, January 29th. BNP Paribas Exane dropped their target price on shares of ServiceNow from $186.00 to $120.00 and set a "neutral" rating on the stock in a research report on Thursday, January 22nd. Finally, Evercore reaffirmed an "outperform" rating and issued a $175.00 price target (down from $225.00) on shares of ServiceNow in a report on Thursday, January 29th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $192.06.

Insider Activity

In other news, insider Kevin Thomas Mcbride sold 1,400 shares of ServiceNow stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $105.71, for a total value of $147,994.00. Following the sale, the insider directly owned 26,314 shares of the company's stock, valued at $2,781,652.94. The trade was a 5.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Fipps sold 9,641 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $105.93, for a total value of $1,021,271.13. Following the sale, the insider owned 11,757 shares of the company's stock, valued at $1,245,419.01. The trade was a 45.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,237 shares of company stock worth $1,697,162 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

ServiceNow Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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