ServiceNow, Inc. $NOW Shares Purchased by Cardano Risk Management B.V.

Key Points

• Cardano Risk Management B.V. increased its holdings in ServiceNow, Inc. by 5.5%, acquiring a total of 100,667 shares valued at approximately $103.5 million.
• ServiceNow's recent quarterly earnings surpassed expectations, reporting $4.09 earnings per share on revenue of $3.22 billion, up 22.4% year-over-year.
• Major institutional investors, including Vanguard Group and Amundi, significantly boosted their stakes in ServiceNow, highlighting strong interest in the company's stock.

Cardano Risk Management B.V. lifted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,667 shares of the information technology services provider's stock after acquiring an additional 5,275 shares during the quarter. ServiceNow accounts for 1.3% of Cardano Risk Management B.V.'s holdings, making the stock its 22nd biggest position. Cardano Risk Management B.V.'s holdings in ServiceNow were worth $103,494,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in ServiceNow by 1.6% during the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after buying an additional 297,734 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in ServiceNow by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock valued at $2,263,519,000 after buying an additional 188,292 shares during the period. Nuveen LLC acquired a new stake in ServiceNow during the first quarter valued at $1,817,535,000. Alliancebernstein L.P. grew its position in ServiceNow by 16.2% during the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock valued at $1,379,461,000 after buying an additional 242,132 shares during the period. Finally, Amundi grew its position in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock valued at $1,269,777,000 after buying an additional 626,623 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

NYSE:NOW opened at $917.21 on Friday. The company's 50-day moving average price is $909.72 and its 200-day moving average price is $931.43. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $190.78 billion, a P/E ratio of 115.52, a P/E/G ratio of 4.12 and a beta of 0.92. 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 results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period last year, the firm posted $3.13 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,737 shares of company stock valued at $16,798,825. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NOW. Morgan Stanley upgraded shares of ServiceNow from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Raymond James Financial raised their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. DA Davidson raised their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Oppenheimer restated an "outperform" rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,122.20.

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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