UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Raises Holdings in ServiceNow, Inc. $NOW

Key Points

• UBS AM increased its holdings in ServiceNow, raising its stake by 7.1% to a total of 2,843,117 shares, making it the firm’s 25th biggest position.
• ServiceNow's quarterly earnings surpassed expectations, reporting $4.09 EPS and revenue of $3.22 billion, marking a 22.4% increase year-over-year.
• Insider activity included CEO William R. McDermott selling 5,825 shares at an average price of $916.63, resulting in a significant decrease in his ownership of the stock.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,843,117 shares of the information technology services provider's stock after purchasing an additional 188,292 shares during the quarter. ServiceNow accounts for about 0.6% of UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC's holdings, making the stock its 25th biggest position. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 1.37% of ServiceNow worth $2,263,519,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Haverford Trust Co boosted its stake in shares of ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after buying an additional 10 shares during the period. Ascent Group LLC boosted its stake in shares of ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock valued at $1,628,000 after buying an additional 10 shares during the period. Edgemoor Investment Advisors Inc. boosted its stake in shares of ServiceNow by 2.5% during 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 during the period. Integrated Investment Consultants LLC boosted its stake in shares of 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 buying an additional 11 shares during the period. Finally, one8zero8 LLC boosted its stake in shares of 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 buying an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

NYSE:NOW opened at $940.05 on Tuesday. The firm has a market cap of $195.53 billion, a PE ratio of 118.39, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company's 50-day moving average price is $935.00 and its two-hundred day moving average price is $922.21.

ServiceNow (NYSE:NOW - Get Free Report) last released 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. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company'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 business earned $3.13 earnings per share. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NOW. Mizuho lifted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Raymond James Financial lifted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Bank of America raised their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Finally, Jefferies Financial Group raised their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

About ServiceNow

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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