Vanguard Group Inc. Has $15.52 Billion Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Vanguard Group Inc. increased its stake in ServiceNow by 1.6% during Q1, holding approximately 19.5 million shares valued at about $15.5 billion.
• ServiceNow reported $4.09 EPS for the last quarter, surpassing analysts' expectations of $3.57, with a revenue of $3.22 billion, which is a 22.4% increase year-over-year.
• As of now, approximately 87.18% of ServiceNow's stock is owned by institutional investors, indicating strong institutional interest in the company.

Vanguard Group Inc. raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,496,992 shares of the information technology services provider's stock after buying an additional 297,734 shares during the quarter. Vanguard Group Inc. owned about 9.42% of ServiceNow worth $15,522,335,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of NOW. Bogart Wealth LLC grew its holdings in ServiceNow by 113.3% during the first 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 period. Graybill Wealth Management LTD. acquired a new stake in ServiceNow in the first quarter worth $26,000. Quarry LP bought a new position in shares of ServiceNow during the fourth quarter worth $27,000. WASHINGTON TRUST Co grew its holdings in shares of ServiceNow by 620.0% in 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 during the period. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at $37,000. 87.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on NOW shares. Piper Sandler lifted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Canaccord Genuity Group dropped their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Sanford C. Bernstein reiterated an "outperform" rating and issued a $1,003.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Truist Financial raised 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. Finally, TD Securities reaffirmed a "buy" rating and issued a $1,100.00 price target 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 issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Activity at ServiceNow

In related news, Director Lawrence Jackson sold 757 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the transaction, the director owned 588 shares in the company, valued at $582,414. The trade was a 56.28% decrease in their ownership of the stock. The transaction 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 company's stock in a transaction 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 sale, the director directly owned 10,404 shares in the company, valued at $10,924,200. This trade represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,250 shares of company stock valued at $5,318,667 over the last 90 days. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Down 4.4%

Shares of NYSE NOW traded down $40.00 during trading on Thursday, reaching $872.31. The company had a trading volume of 2,793,959 shares, compared to its average volume of 1,625,884. The stock has a market cap of $181.44 billion, a P/E ratio of 109.86, a PEG ratio of 4.11 and a beta of 0.93. The company's fifty day moving average price is $985.72 and its 200-day moving average price is $946.30. 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 12 month low of $678.66 and a 12 month 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, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm's revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.13 earnings per share. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow 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.