ServiceNow, Inc. $NOW Holdings Lowered by Synovus Financial Corp

Key Points

• Synovus Financial Corp reduced its stake in ServiceNow, Inc. by 20.1%, now holding 9,531 shares valued at approximately $7.6 million.
• ServiceNow reported a 22.4% increase in quarterly revenue year-over-year, with earnings per share of $4.09, exceeding analyst expectations of $3.57.
• Goldman Sachs Group Inc. significantly increased its stake by 131.4%, now owning over 1.48 million shares, while overall institutional investors hold 87.18% of the company's stock.

Synovus Financial Corp trimmed its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 20.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,531 shares of the information technology services provider's stock after selling 2,398 shares during the quarter. Synovus Financial Corp's holdings in ServiceNow were worth $7,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of NOW. GAMMA Investing LLC increased its stake in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Nuveen LLC bought a new stake in ServiceNow in the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after acquiring an additional 840,731 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in ServiceNow by 36.7% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock worth $1,940,464,000 after buying an additional 491,861 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction dated 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 completion of the sale, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,668 shares of company stock valued at $14,373,737. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NOW shares. Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday, July 29th. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Piper Sandler raised their price target 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. Wells Fargo & Company upped their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Scotiabank set a $1,100.00 price target on ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Price Performance

NOW stock traded up $40.82 on Thursday, reaching $928.80. 3,041,579 shares of the company's stock were exchanged, compared to its average volume of 1,718,440. The firm has a market cap of $193.19 billion, a PE ratio of 116.98, a P/E/G ratio of 3.90 and a beta of 0.93. 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 stock has a fifty day moving average of $947.94 and a 200-day moving average of $926.80. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

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