S Bank Fund Management Ltd Makes New $2.92 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Key Points

• S Bank Fund Management Ltd has made a new investment of approximately $2.92 million in ServiceNow, acquiring 3,672 shares during the first quarter.
• Institutional investors hold a significant majority of ServiceNow's stock, with 87.18% ownership, indicating strong institutional interest in the company.
• ServiceNow reported earnings of $4.09 per share for the last quarter, surpassing analyst estimates, and saw a revenue increase of 22.4% year over year.

S Bank Fund Management Ltd bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,672 shares of the information technology services provider's stock, valued at approximately $2,923,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC grew its stake in shares of ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after buying an additional 12,533 shares during the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new position in shares of ServiceNow during the first quarter worth $1,820,000. ASR Vermogensbeheer N.V. acquired a new position in shares of ServiceNow during the first quarter worth $19,278,000. Nicholas Investment Partners LP lifted its holdings in shares of ServiceNow by 223.5% during the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after purchasing an additional 1,938 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of ServiceNow by 131.4% during 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 during the period. Institutional investors own 87.18% of the company's stock.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 257 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $878.39, for a total value of $225,746.23. Following the sale, the insider owned 3,027 shares in the company, valued at $2,658,886.53. This represents a 7.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 292 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $878.39, for a total transaction of $256,489.88. Following the completion of the sale, the chief financial officer owned 11,551 shares in the company, valued at $10,146,282.89. This represents a 2.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,587 shares of company stock worth $5,584,027 over the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Trading Down 0.4%

NOW opened at $852.98 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 fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $177.42 billion, a PE ratio of 107.43, a P/E/G ratio of 3.86 and a beta of 0.93. The company's 50-day moving average is $976.64 and its 200 day moving average is $939.68.

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

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of recent research reports. Jefferies Financial Group lifted 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. Mizuho lifted their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Stifel Nicolaus lifted their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Raymond James Financial lifted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Finally, Robert W. Baird lifted their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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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