United Services Automobile Association Invests $3.78 Million in ServiceNow, Inc. $NOW

Key Points

• United Services Automobile Association has invested approximately $3.78 million in ServiceNow, acquiring 4,736 shares during the first quarter of the year.
• ServiceNow exceeded analyst expectations with a reported EPS of $4.09 for the last quarter, surpassing the consensus estimate by $0.52, and had a revenue of $3.22 billion.
• Analysts remain optimistic on ServiceNow, with several firms issuing "buy" ratings and target prices ranging up to $1,250.00 per share, reflecting confidence in the company's growth prospects.

United Services Automobile Association acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,736 shares of the information technology services provider's stock, valued at approximately $3,778,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC acquired a new stake in shares of ServiceNow in the first quarter valued at approximately $382,000. Janus Henderson Group PLC raised its position 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 stake in ServiceNow in the 1st quarter valued at approximately $796,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in ServiceNow during the 1st quarter valued at $1,820,000. Finally, ASR Vermogensbeheer N.V. purchased a new position in ServiceNow during the first quarter worth $19,278,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the sale, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,976 shares of company stock worth $17,049,775. Corporate insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NOW opened at $913.29 on Monday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company's 50 day simple moving average is $936.79 and its 200 day simple moving average is $922.19. The stock has a market capitalization of $189.96 billion, a PE ratio of 115.02, a P/E/G ratio of 4.12 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during 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%. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.13 earnings per share. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NOW. Cantor Fitzgerald restated an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Mizuho boosted 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. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. DA Davidson raised 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 company 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 issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

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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