Principal Financial Group Inc. Buys 28,708 Shares of ServiceNow, Inc. (NYSE:NOW)

Principal Financial Group Inc. grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 322,665 shares of the information technology services provider's stock after buying an additional 28,708 shares during the period. Principal Financial Group Inc. owned 0.16% of ServiceNow worth $256,887,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Vanguard Group Inc. grew its position in ServiceNow by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock valued at $20,353,517,000 after buying an additional 190,430 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares during the period. FMR LLC raised its holdings in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Geode Capital Management LLC lifted its position in ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock valued at $4,560,890,000 after purchasing an additional 100,670 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

ServiceNow stock traded up $36.27 during mid-day trading on Friday, hitting $1,046.03. 1,205,886 shares of the company's stock traded hands, compared to its average volume of 1,486,285. The firm has a 50 day moving average price of $1,001.94 and a 200 day moving average price of $964.12. The company has a market cap of $216.51 billion, a PE ratio of 142.12, a price-to-earnings-growth ratio of 4.64 and a beta of 0.94. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company's revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.41 earnings per share. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,716 shares of company stock valued at $6,611,245 in the last 90 days. Corporate insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NOW. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Robert W. Baird boosted their target price on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Needham & Company LLC reaffirmed a "buy" rating and set a $1,050.00 price target on shares of ServiceNow in a research note on Tuesday, May 6th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Tuesday, May 6th. Finally, William Blair restated an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,068.23.

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.