Pandora Wealth Inc. Acquires 454 Shares of ServiceNow, Inc. $NOW

Key Points

• Pandora Wealth Inc. increased its holdings in ServiceNow, Inc. by 6,485.7% during the second quarter, acquiring an additional 454 shares, bringing its total to 461 shares valued at approximately $474,000.
• ServiceNow received multiple analyst upgrades, with price targets increased to as high as $1,300.00, reflecting strong confidence in the company's growth potential.
• The company reported a 22.4% increase in revenue year-over-year, achieving $3.22 billion in revenue for the last quarter, exceeding analyst expectations.

Pandora Wealth Inc. grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 6,485.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 461 shares of the information technology services provider's stock after acquiring an additional 454 shares during the period. Pandora Wealth Inc.'s holdings in ServiceNow were worth $474,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of ServiceNow in the first quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Parnassus Investments LLC purchased a new stake in shares of ServiceNow in the first quarter worth $519,806,000. Finally, Amundi increased its stake in shares of ServiceNow by 61.9% in the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. Bank of America increased their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Finally, Raymond James Financial upped their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Price Performance

NOW stock opened at $888.63 on Monday. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $909.21 and a two-hundred day simple moving average of $932.99. The firm has a market capitalization of $184.84 billion, a P/E ratio of 111.92, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 business 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 earnings per share. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the sale, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock valued at $16,798,825 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

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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