ServiceNow, Inc. (NYSE:NOW) Shares Bought by Allianz SE

Key Points

• Allianz SE significantly increased its stake in ServiceNow by 285.3% during the first quarter, now owning 9,375 shares valued at approximately $7.46 million.
• CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock for over $2 million, representing a decrease of 23.66% in ownership.
• ServiceNow reported earnings of $4.09 per share in its latest quarter, exceeding analyst expectations and reflecting a year-over-year revenue increase of 22.4%.

Allianz SE lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 285.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 9,375 shares of the information technology services provider's stock after purchasing an additional 6,942 shares during the quarter. Allianz SE's holdings in ServiceNow were worth $7,464,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Quarry LP purchased a new stake in shares of ServiceNow during the 4th quarter worth about $27,000. Bogart Wealth LLC grew its holdings in shares of 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 purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow during the 1st quarter worth about $26,000. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow during the 4th quarter worth about $37,000. Finally, WASHINGTON TRUST Co grew its holdings in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the transaction, the director directly owned 588 shares of the company's stock, valued at approximately $582,414. The trade was a 56.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,990 shares of company stock valued at $6,047,567 over the last three months. 0.38% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on NOW shares. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Evercore ISI upped their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a report on Thursday, April 24th. Guggenheim restated a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Finally, FBN Securities upgraded ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Price Performance

Shares of NYSE NOW opened at $914.03 on Friday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The business's fifty day moving average price is $994.89 and its two-hundred day moving average price is $950.03. The firm has a market capitalization of $190.12 billion, a PE ratio of 115.12, a P/E/G ratio of 4.12 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping 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 firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. On average, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.

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