Truist Financial Corp Grows Stake in ServiceNow, Inc. (NYSE:NOW)

Truist Financial Corp grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 111.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,793 shares of the information technology services provider's stock after acquiring an additional 60,565 shares during the quarter. Truist Financial Corp owned 0.06% of ServiceNow worth $91,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of NOW. Quarry LP purchased a new stake in ServiceNow during the 4th quarter valued at $27,000. Atala Financial Inc bought a new stake in ServiceNow in the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $32,000. Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $37,000. Finally, Cassady Schiller Wealth Management LLC raised its holdings in shares of ServiceNow by 44.0% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $10.19 during trading on Monday, hitting $1,034.50. 1,132,939 shares of the company's stock were exchanged, compared to its average volume of 1,486,053. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $214.12 billion, a price-to-earnings ratio of 140.56, a PEG ratio of 4.80 and a beta of 0.94. The business has a 50-day simple moving average of $1,003.94 and a 200-day simple moving average of $962.18.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company's revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.41 EPS. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the completion of the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at $4,431,636. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,716 shares of company stock worth $6,611,245. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Jefferies Financial Group cut their price objective on ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Guggenheim raised their price target on shares of ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a research note on Thursday, April 24th. Bank of America lowered their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. JMP Securities restated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Needham & Company LLC restated a "buy" rating and issued a $1,050.00 price objective on shares of ServiceNow in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,068.23.

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.