ServiceNow, Inc. (NYSE:NOW) Shares Bought by Fayez Sarofim & Co

Key Points

• Fayez Sarofim & Co increased its holdings in ServiceNow by 11% in Q1, now owning approximately 0.16% of the company, valued at $271 million.
• ServiceNow's recent earnings report showed a 22.4% increase in revenue year-over-year, with EPS of $4.09 exceeding analyst expectations by $0.52.
• Analysts have a consensus rating of "Moderate Buy" for ServiceNow, with a target price averaging $1,115.20, reflecting confidence in the company's growth potential.

Fayez Sarofim & Co lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 337,114 shares of the information technology services provider's stock after buying an additional 33,488 shares during the period. Fayez Sarofim & Co owned approximately 0.16% of ServiceNow worth $271,031,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOW. Janus Henderson Group PLC grew its stake in shares of ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after purchasing an additional 12,533 shares in the last quarter. Parr Mcknight Wealth Management Group LLC bought a new position in ServiceNow in the 1st quarter valued at about $1,820,000. Nicholas Investment Partners LP raised its position in shares of ServiceNow by 223.5% during the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after buying an additional 1,938 shares in the last quarter. Eastern Bank raised its position in shares of ServiceNow by 0.9% during the 1st quarter. Eastern Bank now owns 54,771 shares of the information technology services provider's stock worth $43,605,000 after buying an additional 511 shares in the last quarter. Finally, ING Groep NV boosted its holdings in shares of ServiceNow by 448.0% in the first quarter. ING Groep NV now owns 253,804 shares of the information technology services provider's stock valued at $202,064,000 after acquiring an additional 207,493 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 145 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the transaction, the insider directly owned 3,027 shares in the company, valued at approximately $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,250 shares of company stock worth $5,318,667. Insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Robert W. Baird lifted their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Stifel Nicolaus boosted their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. TD Securities reiterated a "buy" rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Mizuho lifted their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $911.07 on Thursday. 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 stock has a market capitalization of $189.50 billion, a P/E ratio of 114.74, a P/E/G ratio of 4.08 and a beta of 0.93. The business has a 50-day moving average of $988.58 and a two-hundred day moving average of $947.68. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the company earned $3.13 EPS. The company's revenue for the quarter was up 22.4% on a year-over-year basis. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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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