United Asset Strategies Inc. Has $18.34 Million Stake in ServiceNow, Inc. $NOW

Key Points

• United Asset Strategies Inc. increased its stake in ServiceNow, Inc. by 3.2% during the first quarter, now holding 23,031 shares valued at approximately $18.34 million, making it the firm's 9th largest investment.
• Analysts have recently raised their price targets for ServiceNow, with estimates ranging from $1,100 to $1,250, indicating strong demand for the stock among institutional investors.
• ServiceNow reported quarterly earnings of $4.09 per share, surpassing forecasts and indicating a 22.4% revenue increase compared to the previous year.

United Asset Strategies Inc. lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,031 shares of the information technology services provider's stock after purchasing an additional 708 shares during the period. ServiceNow accounts for 1.7% of United Asset Strategies Inc.'s investment portfolio, making the stock its 9th biggest holding. United Asset Strategies Inc.'s holdings in ServiceNow were worth $18,336,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Janus Henderson Group PLC increased its stake in shares of ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after purchasing an additional 12,533 shares during the last quarter. Corient IA LLC purchased a new position in ServiceNow in the 1st quarter valued at approximately $796,000. Parr Mcknight Wealth Management Group LLC purchased a new position in ServiceNow in the 1st quarter valued at approximately $1,820,000. ASR Vermogensbeheer N.V. purchased a new position in ServiceNow in the 1st quarter valued at approximately $19,278,000. Finally, Nicholas Investment Partners LP grew its stake in ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after buying an additional 1,938 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares of the company's stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the sale, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $10,594,950.60. This represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,096 shares of company stock worth $14,807,562 in the last three months. 0.38% of the stock is owned by insiders.

ServiceNow Price Performance

Shares of NYSE NOW traded up $8.8230 during mid-day trading on Friday, reaching $885.7930. 1,083,474 shares of the company were exchanged, compared to its average volume of 1,866,238. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week 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 stock has a market capitalization of $184.24 billion, a PE ratio of 111.56, a PEG ratio of 4.00 and a beta of 0.93. The company's 50 day moving average price is $955.00 and its 200 day moving average price is $929.03.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $3.13 EPS. The firm's revenue was up 22.4% compared to the same quarter last year. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on NOW shares. Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Piper Sandler lifted their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and lifted their price objective for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow 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.