ServiceNow, Inc. $NOW Shares Acquired by Temasek Holdings Private Ltd

Key Points

• Temasek Holdings Private Ltd increased its stake in ServiceNow, acquiring an additional 11,600 shares, raising its total holdings by 9.1% to 138,993 shares, valued at approximately $110.7 million.
• Several hedge funds have also adjusted their positions in ServiceNow, significantly with Focus Partners Wealth boosting its stake by 139.4% to 125,127 shares, valued at $135.4 million.
• Analysts have set new price targets for ServiceNow, with Oppenheimer and Piper Sandler both raising their targets to $1,150, while Needham & Company increased theirs to $1,200.

Temasek Holdings Private Ltd grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 138,993 shares of the information technology services provider's stock after purchasing an additional 11,600 shares during the period. Temasek Holdings Private Ltd owned approximately 0.07% of ServiceNow worth $110,658,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Haverford Trust Co lifted its holdings in shares of ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after acquiring an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. boosted its holdings in shares of ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares in the last quarter. Integrated Investment Consultants LLC increased its stake in ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC lifted its stake in ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares during the period. Finally, Capital Investment Advisory Services LLC lifted its stake in ServiceNow by 2.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after acquiring an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Raymond James Financial raised their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Jefferies Financial Group boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. JMP Securities reissued a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. Finally, UBS Group lowered their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

NYSE NOW traded down $4.87 on Tuesday, hitting $934.46. 1,195,902 shares of the company were exchanged, compared to its average volume of 1,734,947. The firm has a 50 day moving average of $935.00 and a two-hundred day moving average of $922.21. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $194.37 billion, a P/E ratio of 117.69, a P/E/G ratio of 4.24 and a beta of 0.91. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

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

Insider Activity

In related news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction 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 sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,976 shares of company stock worth $17,049,775. Company insiders own 0.38% of the company's stock.

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.