Truist Financial Corp Grows Position in ServiceNow, Inc. $NOW

Key Points

• Truist Financial Corp increased its holdings in ServiceNow, Inc. by 12.4% during the second quarter, owning 129,065 shares valued at $132.7 million.
• Several institutional investors have actively increased their stakes with ownership by hedge funds and other institutions now at 87.18% of the total stock.
• ServiceNow reported earnings per share of $4.09 for the last quarter, exceeding estimates, alongside a 22.4% increase in quarterly revenue year-over-year.

Truist Financial Corp lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,065 shares of the information technology services provider's stock after purchasing an additional 14,272 shares during the quarter. Truist Financial Corp owned 0.06% of ServiceNow worth $132,689,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of NOW. Bogart Wealth LLC grew its stake in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow during the 1st quarter worth $26,000. WASHINGTON TRUST Co grew 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. Global X Japan Co. Ltd. bought a new position in ServiceNow in the second quarter valued at $30,000. Finally, Dagco Inc. bought a new position in ServiceNow in the first quarter valued at $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the company'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 transaction, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. This represents a 76.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 1,097 shares of ServiceNow stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the sale, the director directly owned 9,307 shares in the company, valued at $8,516,928.77. The trade was a 10.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 over the last quarter. 0.38% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NOW. Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. UBS Group dropped their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. DA Davidson lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Jefferies Financial Group boosted their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Stock Down 2.2%

Shares of NYSE:NOW opened at $920.51 on Wednesday. The stock's 50-day moving average is $918.47 and its 200 day moving average is $928.42. The company has a market cap of $191.47 billion, a PE ratio of 115.93, a P/E/G ratio of 4.24 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. 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 data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned $3.13 EPS. The business's quarterly revenue was up 22.4% compared to the same quarter last year. Sell-side analysts anticipate 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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