OVERSEA CHINESE BANKING Corp Ltd Buys 26,280 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in ServiceNow, Inc. by 47.5%, making it the 9th largest position in their portfolio, valued at approximately $65 million.
• Insider trading activity included Director Lawrence Jackson selling 757 shares and CEO William R. Mcdermott selling 2,050 shares, leading to significant decreases in their ownership percentages.
• ServiceNow recently reported strong quarterly earnings, with a revenue of $3.22 billion and earnings per share of $4.09, exceeding analyst expectations.

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 47.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 81,614 shares of the information technology services provider's stock after purchasing an additional 26,280 shares during the period. ServiceNow comprises approximately 1.8% of OVERSEA CHINESE BANKING Corp Ltd's holdings, making the stock its 9th biggest position. OVERSEA CHINESE BANKING Corp Ltd's holdings in ServiceNow were worth $65,054,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NOW. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new stake in ServiceNow during the 1st quarter worth approximately $26,000. Quarry LP purchased a new stake in ServiceNow during the 4th quarter valued at approximately $27,000. WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow during the 4th quarter valued at approximately $37,000. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 428 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director owned 10,891 shares of the company's stock, valued at $11,039,226.51. This represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,990 shares of company stock valued at $6,047,567 in the last three months. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Up 0.8%

Shares of NOW stock traded up $7.65 on Monday, hitting $922.02. The stock had a trading volume of 1,285,082 shares, compared to its average volume of 1,623,128. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $994.89 and a 200 day moving average price of $949.28. The company has a market cap of $191.78 billion, a PE ratio of 116.12, a P/E/G ratio of 4.12 and a beta of 0.93. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results 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 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 firm's revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.13 earnings per share. Research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NOW. Bank of America increased their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Mizuho increased their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Finally, Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

About ServiceNow

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.