Northwest & Ethical Investments L.P. Buys 4,696 Shares of ServiceNow, Inc. $NOW

Key Points

• Northwest & Ethical Investments L.P. increased its stake in ServiceNow, Inc. by 24.4% in Q1, totaling $19.05 million in stock value.
• ServiceNow reported $4.09 EPS for the last quarter, exceeding analysts' estimates of $3.57 EPS, with revenues reaching $3.22 billion.
• Many analysts maintain a positive outlook for ServiceNow, with the stock having a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

Northwest & Ethical Investments L.P. boosted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,922 shares of the information technology services provider's stock after buying an additional 4,696 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in ServiceNow were worth $19,045,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Bowie Capital Management LLC acquired a new stake in ServiceNow during the first quarter worth about $20,812,000. Raymond James Financial Inc. boosted its stake in ServiceNow by 9.5% in the 1st quarter. Raymond James Financial Inc. now owns 406,982 shares of the information technology services provider's stock worth $324,015,000 after purchasing an additional 35,451 shares during the period. Somerset Group LLC acquired a new stake in shares of ServiceNow during the 1st quarter valued at $905,000. Boston Family Office LLC raised its holdings in shares of ServiceNow by 14.1% during the 1st quarter. Boston Family Office LLC now owns 25,406 shares of the information technology services provider's stock valued at $20,227,000 after purchasing an additional 3,136 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV raised its holdings in ServiceNow by 35.3% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 291 shares of the information technology services provider's stock worth $232,000 after acquiring an additional 76 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at $2,599,350. The trade was a 36.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the sale, the chief financial officer owned 12,228 shares of the company's stock, valued at $10,594,950.60. This trade represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,361 shares of company stock worth $10,579,976 over the last ninety days. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of several recent research reports. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and lifted their target price for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Mizuho increased their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Finally, Royal Bank Of Canada increased their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Trading Up 0.3%

NYSE:NOW traded up $2.5420 during mid-day trading on Wednesday, hitting $889.3220. 1,270,070 shares of the company's stock were exchanged, compared to its average volume of 1,715,718. The company has a 50 day simple moving average of $961.85 and a 200-day simple moving average of $931.84. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $184.98 billion, a P/E ratio of 112.10, a PEG ratio of 4.02 and a beta of 0.93.

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