ServiceNow, Inc. $NOW Shares Purchased by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. increased its holdings in ServiceNow, Inc. by 4.7%, owning approximately 210,478 shares valued at $155.1 million as of the end of the first quarter.
• ServiceNow reported earnings of $4.09 per share, surpassing analysts' expectations of $3.57, with a revenue of $3.22 billion for the quarter, reflecting a year-over-year growth of 22.4%.
• Major investment firms like Vanguard and Citigroup have raised their positions and price targets on ServiceNow, indicating a strong outlook with numerous analysts rating the stock as a "buy."

APG Asset Management N.V. boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 210,478 shares of the information technology services provider's stock after purchasing an additional 9,365 shares during the period. APG Asset Management N.V. owned approximately 0.10% of ServiceNow worth $155,129,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in NOW. Vanguard Group Inc. grew its position in ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after acquiring an additional 297,734 shares in the last quarter. 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ServiceNow by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after purchasing an additional 87,876 shares during the period. Nuveen Asset Management LLC boosted its holdings in ServiceNow by 4.9% in the 4th quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock valued at $2,484,752,000 after purchasing an additional 109,293 shares during the period. Finally, Nuveen LLC bought a new stake in ServiceNow in the 1st quarter valued at $1,817,535,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Up 1.0%

ServiceNow stock opened at $885.7930 on Friday. The company's 50 day simple moving average is $955.00 and its 200 day simple moving average is $929.70. 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 $184.24 billion, a price-to-earnings ratio of 111.56, a PEG ratio of 3.95 and a beta of 0.93. 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 results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 earnings per share. The business's revenue was up 22.4% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NOW shares. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. Citigroup increased their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and increased their price objective for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Finally, BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. One investment 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 company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Transactions at ServiceNow

In other ServiceNow news, 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 value of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,096 shares of company stock valued at $14,807,562. 0.38% of the stock is currently owned by insiders.

ServiceNow 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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