Taikang Asset Management Hong Kong Co Ltd Raises Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Taikang Asset Management Hong Kong Co Ltd increased its stake in ServiceNow, Inc. by 98.6% in Q1, owning 3,575 shares valued at approximately $2.85 million.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, surpassing analysts' expectations by $0.52, with revenues reaching $3.22 billion.
• Institutional investors currently hold 87.18% of ServiceNow’s stock, with significant purchases from firms like GAMMA Investing LLC and OVERSEA CHINESE BANKING Corp Ltd.

Taikang Asset Management Hong Kong Co Ltd boosted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 98.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,575 shares of the information technology services provider's stock after buying an additional 1,775 shares during the period. Taikang Asset Management Hong Kong Co Ltd's holdings in ServiceNow were worth $2,846,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOW. GAMMA Investing LLC grew its position in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares in the last quarter. Nuveen LLC acquired a new position in ServiceNow in the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. grew its position in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in ServiceNow by 36.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after acquiring an additional 491,861 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $885.7930 on Monday. The stock has a 50 day moving average price of $955.00 and a 200 day moving average price of $928.38. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $184.24 billion, a price-to-earnings ratio of 111.56, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

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

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the sale, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,096 shares of company stock valued at $14,807,562 in the last 90 days. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NOW shares. Royal Bank Of Canada lifted their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Mizuho boosted their price objective 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. Jefferies Financial Group boosted their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. JMP Securities reissued a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. Finally, Stifel Nicolaus boosted their price objective on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

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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