Metis Global Partners LLC Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Metis Global Partners LLC increased its stake in ServiceNow by 14.2%, owning 14,978 shares valued at approximately $11.9 million after acquiring additional shares in the first quarter.
• ServiceNow reported a quarterly earnings per share of $4.09, exceeding estimates by $0.52, with revenue growth of 22.4% year-over-year.
• Despite positive earnings reports, ServiceNow's shares have decreased by 2.8%, and analysts maintain a consensus rating of "Moderate Buy."

Metis Global Partners LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 14.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,978 shares of the information technology services provider's stock after acquiring an additional 1,857 shares during the period. Metis Global Partners LLC's holdings in ServiceNow were worth $11,925,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its holdings 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 buying an additional 2,686,291 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of ServiceNow by 1,586.5% during the 1st 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 purchasing an additional 877,875 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after purchasing an additional 491,861 shares in the last quarter. Finally, Sustainable Growth Advisers LP boosted its position in shares of ServiceNow by 96.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock valued at $575,973,000 after purchasing an additional 355,629 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The stock was 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 owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,233 shares of company stock valued at $5,297,758 in the last ninety days. 0.38% of the stock is owned by insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $16.72 during trading hours on Monday, reaching $985.51. The company had a trading volume of 1,474,429 shares, compared to its average volume of 1,453,700. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The business has a fifty day simple moving average of $999.53 and a 200 day simple moving average of $951.58. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $203.98 billion, a PE ratio of 124.12, a price-to-earnings-growth ratio of 4.42 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned $3.13 earnings per share. The business's revenue for the quarter was up 22.4% on a year-over-year basis. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wells Fargo & Company upped their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research report on Thursday. Royal Bank Of Canada upped their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Stifel Nicolaus upped their price target on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Piper Sandler increased their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Needham & Company LLC increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.