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TIAA Trust National Association Has $33.70 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

ServiceNow logo with Computer and Technology background

Key Points

  • TIAA Trust National Association increased its stake in ServiceNow by 39.5%, acquiring an additional 11,987 shares during the 1st quarter, bringing its total holdings to $33.7 million.
  • ServiceNow's recent earnings report exceeded expectations, with an EPS of $4.09 against a consensus of $3.57, and a revenue of $3.22 billion representing a 22.4% increase year-over-year.
  • Analysts have updated their price targets for ServiceNow, with increases from firms like Jefferies and Barclays, now placing the target prices up to $1,250, reflecting strong confidence in the company's growth prospects.
  • Five stocks to consider instead of ServiceNow.

TIAA Trust National Association lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 39.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,329 shares of the information technology services provider's stock after buying an additional 11,987 shares during the quarter. TIAA Trust National Association's holdings in ServiceNow were worth $33,699,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. Bogart Wealth LLC lifted its stake in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow during the first quarter worth approximately $26,000. Quarry LP purchased a new position in ServiceNow in the fourth quarter worth $27,000. WASHINGTON TRUST Co raised its position in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow in the fourth quarter worth $37,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NOW shares. Piper Sandler increased their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. TD Securities reissued a "buy" rating and issued a $1,100.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, July 29th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Oppenheimer reiterated an "outperform" rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Get Our Latest Stock Report on ServiceNow

ServiceNow Stock Performance

NOW traded up $7.65 during trading on Monday, reaching $922.02. 1,285,082 shares of the company were exchanged, compared to its average volume of 1,623,128. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The firm has a 50 day moving average of $994.89 and a 200 day moving average of $949.28. The stock has a market cap of $191.78 billion, a P/E ratio of 116.12, a PEG ratio of 4.12 and a beta of 0.93.

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, topping 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 EPS. The firm's quarterly revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,990 shares of company stock worth $6,047,567 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

About ServiceNow

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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