Telligent Fund LP Acquires New Shares in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Telligent Fund LP has acquired a new stake in ServiceNow, Inc., purchasing 1,800 shares valued at approximately $1.43 million, making it the fund's 23rd largest position.
• ServiceNow's consensus rating has improved to a "Moderate Buy" with a new target price of $1,115.20, despite some analysts reducing their price expectations.
• Recent insider sales indicate a 7.83% decrease in ownership for Jacqueline P. Canney, and Lawrence Jackson has seen a 56.28% decrease in their position following stock sales.

Telligent Fund LP purchased a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,800 shares of the information technology services provider's stock, valued at approximately $1,433,000. ServiceNow makes up about 1.6% of Telligent Fund LP's holdings, making the stock its 23rd largest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NOW. GAMMA Investing LLC grew its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Nuveen LLC purchased a new position in shares of ServiceNow during the first quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after buying an additional 509,467 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 588 shares in the company, valued at $582,414. This trade represents a 56.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction on Friday, August 8th. The stock was sold at an average price of $878.39, for a total transaction of $256,489.88. Following the transaction, the chief financial officer directly owned 11,551 shares of the company's stock, valued at $10,146,282.89. This represents a 2.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,587 shares of company stock worth $5,584,027. Insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NOW. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and lifted their price objective for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Sanford C. Bernstein reissued an "outperform" rating and set a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Canaccord Genuity Group decreased their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, BMO Capital Markets boosted their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Up 1.1%

Shares of NOW traded up $9.39 during trading hours on Wednesday, hitting $862.82. 2,453,098 shares of the company were exchanged, compared to its average volume of 1,761,136. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $179.47 billion, a PE ratio of 108.67, a PEG ratio of 3.85 and a beta of 0.93. The firm's 50 day moving average is $973.65 and its 200-day moving average is $939.15. 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 posted its 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 company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.13 earnings per share. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow Company 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.