ServiceNow, Inc. $NOW Stock Holdings Increased by Allstate Corp

Key Points

• Allstate Corp sharply boosted its ServiceNow stake by 940.9% in the fourth quarter, ending with 79,575 shares worth about $12.19 million.
• ServiceNow reported quarterly earnings that matched estimates at $0.97 EPS on $3.77 billion in revenue, with sales up 22.1% year over year.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $141.85, though several firms have recently trimmed their targets.

Allstate Corp increased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 940.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,575 shares of the information technology services provider's stock after purchasing an additional 71,930 shares during the quarter. Allstate Corp's holdings in ServiceNow were worth $12,190,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. IAG Wealth Partners LLC raised its holdings in shares of ServiceNow by 200.0% during the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 18 shares during the period. Wealth Watch Advisors INC acquired a new stake in shares of ServiceNow during the third quarter valued at approximately $29,000. Texas Capital Bancshares Inc TX acquired a new stake in shares of ServiceNow during the third quarter valued at approximately $37,000. Ameriflex Group Inc. raised its holdings in shares of ServiceNow by 187.5% during the third quarter. Ameriflex Group Inc. now owns 46 shares of the information technology services provider's stock valued at $42,000 after acquiring an additional 30 shares during the period. Finally, Kelleher Financial Advisors acquired a new stake in shares of ServiceNow during the third quarter valued at approximately $50,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW opened at $102.13 on Tuesday. The company's fifty day moving average is $98.53 and its 200-day moving average is $125.20. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48. The firm has a market cap of $105.29 billion, a price-to-earnings ratio of 60.86, a price-to-earnings-growth ratio of 1.85 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same quarter in the prior year, the business posted $0.81 EPS. ServiceNow's quarterly revenue was up 22.1% on a year-over-year basis. Equities analysts expect that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NOW. DA Davidson restated a "buy" rating and set a $190.00 price target on shares of ServiceNow in a report on Tuesday, May 5th. FBN Securities dropped their price objective on shares of ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Bank of America initiated coverage on shares of ServiceNow in a research note on Monday, May 18th. They issued a "buy" rating and a $130.00 price objective on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $121.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. Finally, Macquarie Infrastructure dropped their price objective on shares of ServiceNow from $172.00 to $140.00 and set a "neutral" rating on the stock in a research note on Thursday, January 29th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $141.85.

Insider Buying and Selling at ServiceNow

In other news, insider Paul Fipps sold 1,048 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at $1,189,212.72. This represents a 7.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the transaction, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 28,071 shares of company stock worth $2,529,956. Company insiders own 0.34% of the company's stock.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.