Unisphere Establishment Invests $2.99 Million in ServiceNow, Inc. $NOW

Key Points

• Unisphere Establishment has invested approximately $2.99 million to acquire a new position in ServiceNow, Inc., purchasing 3,750 shares in the first quarter.
• Wall Street analysts demonstrate bullish sentiment, with DA Davidson and Raymond James raising their price targets for ServiceNow to $1,250 and $1,100, respectively, while the company holds a consensus rating of "Moderate Buy."
• In recent insider transactions, ServiceNow's CFO and General Counsel have collectively sold shares valued at approximately $3 million, indicating a 12.59% and 28.16% decrease in their respective holdings.

Unisphere Establishment acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,750 shares of the information technology services provider's stock, valued at approximately $2,986,000.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after buying an additional 297,734 shares in the last quarter. GAMMA Investing LLC boosted its stake in ServiceNow by 87,501.3% in the first 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after buying an additional 87,876 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in ServiceNow by 4.9% in the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock valued at $2,484,752,000 after buying an additional 109,293 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in ServiceNow in the first quarter valued at about $1,817,535,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 2.3%

NYSE NOW traded down $20.88 during trading hours on Thursday, hitting $898.50. The company's stock had a trading volume of 1,348,665 shares, compared to its average volume of 1,711,520. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a market capitalization of $186.89 billion, a PE ratio of 113.16, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company's 50-day simple moving average is $941.28 and its two-hundred day simple moving average is $924.12.

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 for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last year, the firm earned $3.13 EPS. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NOW. Mizuho boosted their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. UBS Group cut their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Needham & Company LLC lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Citigroup lifted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, DA Davidson lifted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. Company insiders own 0.38% of the company's stock.

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.