Trexquant Investment LP Invests $25.06 Million in ServiceNow, Inc. $NOW

Key Points

• Trexquant Investment LP has invested approximately $25.06 million in ServiceNow, acquiring 31,474 shares of the company during the first quarter.
• Several other institutional investors also increased their stakes in ServiceNow, with GAMMA Investing LLC raising its position by an astounding 87,501.3% during the same period.
• ServiceNow's stock has recently received positive ratings from analysts, with target prices raised by firms such as Piper Sandler and Citigroup, and currently holds an average rating of "Moderate Buy".

Trexquant Investment LP bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 31,474 shares of the information technology services provider's stock, valued at approximately $25,058,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NOW. GAMMA Investing LLC raised 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 buying an additional 2,686,291 shares during the last quarter. Nuveen LLC acquired a new stake in ServiceNow in the 1st quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised 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 buying an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. raised 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 buying an additional 840,731 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised 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 buying an additional 491,861 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Piper Sandler lifted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Citigroup lifted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Raymond James Financial raised their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Mizuho raised their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Finally, JMP Securities restated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 1,585 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the sale, the chief executive officer directly owned 12,439 shares in the company, valued at $11,195,100. The trade was a 11.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares of the company's stock, valued at $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,668 shares of company stock worth $14,373,737 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $888.82 on Thursday. 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 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a 50 day moving average of $947.94 and a 200-day moving average of $926.80. The company has a market capitalization of $184.87 billion, a P/E ratio of 111.94, a P/E/G ratio of 3.90 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company 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 revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 EPS. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current 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.

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