ServiceNow, Inc. $NOW Shares Sold by Eastern Bank

Key Points

• Eastern Bank reduced its stake in ServiceNow, Inc. by 1.1%, owning approximately 54,144 shares valued at $55.66 million, making it the bank's 29th largest holding.
• ServiceNow's stock performance showed a 22.4% increase in quarterly revenue, with reported earnings per share of $4.09, exceeding analysts' expectations of $3.57.
• Analysts have set a consensus target price of $1,122.20 for ServiceNow, with a majority rating it as a "Moderate Buy".

Eastern Bank decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 54,144 shares of the information technology services provider's stock after selling 627 shares during the period. ServiceNow comprises approximately 1.1% of Eastern Bank's portfolio, making the stock its 29th biggest holding. Eastern Bank's holdings in ServiceNow were worth $55,664,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of NOW. Vanguard Group Inc. boosted its stake in shares of 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 acquiring an additional 297,734 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of 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 acquiring an additional 188,292 shares during the last quarter. Nuveen LLC acquired a new stake in shares of ServiceNow during the first quarter valued at $1,817,535,000. Alliancebernstein L.P. boosted its stake in shares of 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 acquiring an additional 242,132 shares during the last quarter. Finally, Amundi boosted its stake in shares of 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 acquiring an additional 626,623 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

NOW has been the topic of a number of analyst reports. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Bank of America increased their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of ServiceNow in a research note on Wednesday. Finally, DA Davidson raised their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Stock Performance

ServiceNow stock opened at $888.63 on Friday. The stock's 50-day moving average is $909.21 and its 200-day moving average is $931.62. The company has a market cap of $184.84 billion, a price-to-earnings ratio of 111.92, a price-to-earnings-growth ratio of 4.13 and a beta of 0.92. 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 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the business posted $3.13 EPS. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction dated 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 sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% 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 worth $16,798,825. Insiders own 0.38% of the company's stock.

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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