The Manufacturers Life Insurance Company Has $177.22 Million Holdings in ServiceNow, Inc. $NOW

Key Points

• The Manufacturers Life Insurance Company has increased its stake in ServiceNow, Inc. by 20.5%, owning approximately 0.11% of the company valued at $177.2 million after adding 37,848 shares in the first quarter.
• Multiple institutional investors, including Vanguard Group and GAMMA Investing LLC, have significantly boosted their holdings in ServiceNow, contributing to 87.18% of the stock being owned by institutional investors.
• ServiceNow reported a strong earnings performance with $4.09 earnings per share for the most recent quarter, exceeding analysts' expectations by $0.52 and showing a 22.4% year-over-year revenue increase.

The Manufacturers Life Insurance Company grew its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 20.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 222,593 shares of the information technology services provider's stock after buying an additional 37,848 shares during the quarter. The Manufacturers Life Insurance Company owned 0.11% of ServiceNow worth $177,217,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of 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. Nuveen LLC purchased a new position in shares of ServiceNow during the 1st quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings 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 worth $742,965,000 after acquiring an additional 877,875 shares during the period. Goldman Sachs Group Inc. raised its holdings in 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 valued at $1,178,706,000 after buying an additional 840,731 shares during the period. Finally, Parnassus Investments LLC purchased a new stake in shares of ServiceNow during the first quarter valued at approximately $519,806,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Down 0.7%

NOW traded down $6.51 on Tuesday, reaching $910.95. 806,474 shares of the company traded hands, compared to its average volume of 1,713,713. The stock's 50 day moving average price is $944.66 and its 200-day moving average price is $924.23. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a market cap of $189.48 billion, a price-to-earnings ratio of 114.73, a PEG ratio of 4.14 and a beta of 0.91. 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 (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $3.13 earnings per share. The firm's revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the sale, the chief financial officer owned 12,228 shares of the company's stock, 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. Insiders sold a total of 12,054 shares of company stock valued at $10,706,530 in the last three months. 0.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday. Jefferies Financial Group raised their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company raised their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. UBS Group lowered their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.