Verdence Capital Advisors LLC Buys 375 Shares of ServiceNow, Inc. $NOW

Key Points

• Verdence Capital Advisors LLC increased its stake in ServiceNow, Inc. by 28.9%, acquiring an additional 375 shares, bringing its total holdings to 1,672 shares valued at approximately $1.72 million.
• Numerous institutional investors modified their positions in ServiceNow, with Vanguard Group now owning over 19 million shares worth about $15.52 billion.
• ServiceNow reported $4.09 EPS for the last quarter, exceeding estimates and showcasing a year-over-year revenue growth of 22.4%.

Verdence Capital Advisors LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 28.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,672 shares of the information technology services provider's stock after buying an additional 375 shares during the period. Verdence Capital Advisors LLC's holdings in ServiceNow were worth $1,719,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. 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 valued at $15,522,335,000 after buying an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in ServiceNow by 7.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after purchasing an additional 188,292 shares during the period. Nuveen LLC bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $1,817,535,000. Alliancebernstein L.P. grew its position in shares of ServiceNow by 16.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock worth $1,379,461,000 after buying an additional 242,132 shares during the last quarter. Finally, Amundi grew its position in shares of ServiceNow by 61.9% in the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after buying an additional 626,623 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NOW. Weiss Ratings restated a "hold (c)" rating on shares of ServiceNow in a research report on Wednesday, October 8th. Piper Sandler lifted their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Citigroup lifted their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Oppenheimer restated an "outperform" rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Finally, UBS Group lowered their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Stock Up 3.9%

ServiceNow stock opened at $923.44 on Tuesday. The stock has a market cap of $192.07 billion, a PE ratio of 116.30, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92. 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, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock has a fifty day moving average of $909.24 and a 200 day moving average of $933.88.

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

Insider Buying and Selling at ServiceNow

In other news, Director Anita M. Sands sold 1,097 shares of the company's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the transaction, the director owned 9,307 shares of the company's stock, valued at $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was 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 of the company's stock, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

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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