Phoenix Financial Ltd. Has $2.61 Million Stake in ServiceNow, Inc. $NOW

Key Points

• Phoenix Financial Ltd. increased its stake in ServiceNow, Inc. by 174.1% during the second quarter, owning 2,541 shares valued at approximately $2.61 million.
• ServiceNow reported earnings of $4.09 per share, exceeding analysts' expectations of $3.57, with revenue reaching $3.22 billion for the quarter.
• Several analysts have raised their price targets for ServiceNow, with Citigroup increasing its target from $1,160 to $1,234 and rating the stock a "buy".

Phoenix Financial Ltd. increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 174.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,541 shares of the information technology services provider's stock after acquiring an additional 1,614 shares during the period. Phoenix Financial Ltd.'s holdings in ServiceNow were worth $2,612,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after buying an additional 297,734 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock valued at $2,263,519,000 after acquiring an additional 188,292 shares during the period. Nuveen LLC bought a new position in ServiceNow during the first quarter worth $1,817,535,000. Alliancebernstein L.P. grew its holdings in ServiceNow by 16.2% in the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock worth $1,379,461,000 after purchasing an additional 242,132 shares during the period. Finally, Amundi grew its holdings in 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 during the period. 87.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. BMO Capital Markets lifted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Citigroup lifted their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Weiss Ratings reiterated a "hold (c)" rating on shares of ServiceNow in a report on Wednesday, October 8th. Jefferies Financial Group boosted their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Piper Sandler upped their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,121.37.

ServiceNow Price Performance

ServiceNow stock opened at $942.56 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The firm has a market capitalization of $196.05 billion, a P/E ratio of 118.71, a PEG ratio of 4.13 and a beta of 0.92. The business has a fifty day moving average price of $913.34 and a 200-day moving average price of $938.13.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (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 business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 EPS. The firm's quarterly revenue was up 22.4% on a year-over-year basis. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity

In related news, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This trade represents a 34.04% 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, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,737 shares of company stock worth $16,798,825. Company insiders own 0.38% of the company's stock.

About ServiceNow

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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