ServiceNow, Inc. $NOW Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its ServiceNow stake by 1.6% in the third quarter, adding 9,979 shares to hold 617,662 shares valued at about $85.1 million. Institutional investors collectively own 87.18% of the company.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $154.50; recommendations range from “Sell” to “Strong Buy.”
• ServiceNow’s latest quarterly revenue rose 20.5% year over year to $4.11 billion, slightly exceeding estimates, while EPS of $1.00 fell short of the $1.02 consensus.

Allspring Global Investments Holdings LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 617,662 shares of the information technology services provider's stock after buying an additional 9,979 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.06% of ServiceNow worth $85,089,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bank of Nova Scotia increased its holdings in ServiceNow by 53.3% in the 1st quarter. Bank of Nova Scotia now owns 1,018,036 shares of the information technology services provider's stock worth $106,436,000 after buying an additional 353,749 shares in the last quarter. Sapient Capital LLC raised its position in ServiceNow by 266.0% in the 2nd quarter. Sapient Capital LLC now owns 77,661 shares of the information technology services provider's stock worth $7,710,000 after buying an additional 56,444 shares during the last quarter. Meeder Advisory Services Inc. purchased a new position in ServiceNow in the 2nd quarter worth about $2,881,000. Vestor Capital LLC lifted its stake in ServiceNow by 38,987.2% during the 1st quarter. Vestor Capital LLC now owns 122,343 shares of the information technology services provider's stock valued at $12,791,000 after acquiring an additional 122,030 shares during the period. Finally, Cardano Risk Management B.V. lifted its stake in ServiceNow by 6.9% during the 2nd quarter. Cardano Risk Management B.V. now owns 484,785 shares of the information technology services provider's stock valued at $48,129,000 after acquiring an additional 31,119 shares during the period. Institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

NOW has been the topic of several research analyst reports. UBS Group reissued an "underweight" rating on shares of ServiceNow in a report on Thursday, October 29th. BMO Capital Markets upped their price objective on ServiceNow from $115.00 to $118.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Barclays set a $152.00 price objective on ServiceNow and gave the stock an "overweight" rating in a research note on Thursday, October 29th. Stifel Nicolaus set a $160.00 target price on ServiceNow and gave the stock a "buy" rating in a report on Tuesday, October 6th. Finally, Robert W. Baird set a $185.00 target price on ServiceNow in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $154.50.

ServiceNow Trading Up 0.9%

Shares of NOW stock opened at $102.86 on Tuesday. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $175.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market capitalization of $106.77 billion, a PE ratio of 59.46, a PEG ratio of 2.13 and a beta of 1.00. The stock has a fifty day simple moving average of $135.47 and a two-hundred day simple moving average of $114.69.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The information technology services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The business had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. ServiceNow's revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.82 earnings per share. On average, analysts predict that ServiceNow, Inc. will post 2.12 EPS for the current fiscal year.

Insider Activity

In related news, Director Paul Chamberlain sold 2,700 shares of the business's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $135.50, for a total value of $365,850.00. Following the sale, the director owned 43,990 shares in the company, valued at approximately $5,960,645. The trade was a 5.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Fipps sold 2,034 shares of the company's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the sale, the insider directly owned 18,305 shares in the company, valued at approximately $2,706,760.35. The trade was a 10.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 14,081 shares of company stock worth $1,937,904 over the last 90 days. Corporate insiders own 0.34% of the company's stock.

ServiceNow Company Profile

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.

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