OVERSEA CHINESE BANKING Corp Ltd Has $65.05 Million Stock Holdings in 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 increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 47.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,614 shares of the information technology services provider's stock after acquiring an additional 26,280 shares during the quarter. ServiceNow comprises approximately 1.8% of OVERSEA CHINESE BANKING Corp Ltd's investment portfolio, making the stock its 9th biggest holding. OVERSEA CHINESE BANKING Corp Ltd's holdings in ServiceNow were worth $65,054,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Bogart Wealth LLC lifted its holdings in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow in the first quarter valued at approximately $26,000. Quarry LP bought a new stake in shares of ServiceNow during the 4th quarter valued at $27,000. WASHINGTON TRUST Co grew its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow in the fourth quarter valued at approximately $37,000. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NOW shares. Canaccord Genuity Group dropped their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Raymond James Financial increased their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Jefferies Financial Group boosted their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Needham & Company LLC increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $5.95 during trading on Wednesday, reaching $911.07. 1,067,095 shares of the company traded hands, compared to its average volume of 1,683,416. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock has a market capitalization of $189.50 billion, a PE ratio of 114.74, a P/E/G ratio of 4.16 and a beta of 0.93. The firm has a 50 day simple moving average of $990.76 and a 200-day simple moving average of $947.93.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 239 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares of the company's stock, valued at $10,924,200. This trade represents a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,990 shares of company stock valued at $6,047,567. 0.38% of the stock is currently owned by corporate insiders.

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.