ServiceNow, Inc. $NOW Shares Purchased by MIG Capital LLC

Key Points

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MIG Capital LLC lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 350.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,402 shares of the information technology services provider's stock after acquiring an additional 1,091 shares during the period. ServiceNow accounts for approximately 0.1% of MIG Capital LLC's investment portfolio, making the stock its 24th biggest holding. MIG Capital LLC's holdings in ServiceNow were worth $1,116,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings 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 valued at $15,522,335,000 after purchasing an additional 297,734 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. GAMMA Investing LLC boosted its holdings in ServiceNow by 87,501.3% in the first 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ServiceNow by 3.4% in the fourth 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 last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in ServiceNow by 4.9% in the fourth 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 last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In other news, CFO Gina Mastantuono sold 84 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $860.57, for a total transaction of $72,287.88. Following the completion of the sale, the chief financial officer owned 11,572 shares in the company, valued at $9,958,516.04. This trade represents a 0.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anita M. Sands sold 239 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the sale, the director owned 10,404 shares of the company's stock, valued at $10,924,200. This represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,038 shares of company stock worth $5,971,973. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 2.7%

NOW opened at $890.73 on Tuesday. The company's 50 day simple moving average is $964.30 and its two-hundred day simple moving average is $932.15. The firm has a market capitalization of $185.27 billion, a price-to-earnings ratio of 112.18, a price-to-earnings-growth ratio of 3.91 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, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

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 (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during 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 business's revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.13 EPS. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and increased their target price for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, TD Securities reissued a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.

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