ServiceNow, Inc. (NYSE:NOW) is OVERSEA CHINESE BANKING Corp Ltd's 7th Largest Position

OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1,586.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 933,209 shares of the information technology services provider's stock after buying an additional 877,875 shares during the quarter. ServiceNow accounts for about 3.5% of OVERSEA CHINESE BANKING Corp Ltd's portfolio, making the stock its 7th largest position. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.45% of ServiceNow worth $742,965,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in NOW. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% in 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 last quarter. Quarry LP acquired a new position in shares of ServiceNow in the fourth quarter valued at about $27,000. Atala Financial Inc purchased a new position in shares of ServiceNow in the fourth quarter worth about $28,000. WASHINGTON TRUST Co lifted its holdings in shares of 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 purchasing an additional 31 shares during the period. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow in the fourth quarter valued at approximately $37,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 239 shares of the business's stock in a transaction dated 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 transaction, the director owned 10,404 shares of the company's stock, valued at approximately $10,924,200. The trade was a 2.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,955 shares of company stock valued at $6,862,195. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on NOW. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. decreased their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Mizuho increased their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Piper Sandler decreased their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Finally, TD Securities restated a "buy" rating and issued a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,068.23.

ServiceNow Price Performance

NOW traded up $23.10 on Monday, hitting $961.88. 1,812,471 shares of the company's stock were exchanged, compared to its average volume of 1,699,326. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a market cap of $199.09 billion, a price-to-earnings ratio of 130.69, a P/E/G ratio of 4.31 and a beta of 0.94. The firm has a 50-day moving average price of $1,008.08 and a 200-day moving average price of $958.61. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. ServiceNow's quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.41 earnings per share. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share 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.