Visualize Group LP Invests $5.02 Million in ServiceNow, Inc. $NOW

Key Points

• Visualize Group LP has acquired a new position in ServiceNow, purchasing 6,300 shares valued at approximately $5 million, making it the 12th largest holding in their portfolio.
• ServiceNow's stock has seen significant increases in institutional investments, with firms like GAMMA Investing LLC dramatically boosting their stake by 87,501.3% in Q1.
• ServiceNow reported a strong Q2 earnings result with an EPS of $4.09, exceeding analysts' expectations, and revenue growth of 22.4% year-over-year.

Visualize Group LP acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,300 shares of the information technology services provider's stock, valued at approximately $5,016,000. ServiceNow comprises 2.7% of Visualize Group LP's portfolio, making the stock its 12th largest holding.

Several other hedge funds have also recently bought and sold shares of NOW. Vanguard Group Inc. increased its holdings in ServiceNow by 1.6% in the first 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 during the last quarter. GAMMA Investing LLC lifted its position in shares of ServiceNow by 87,501.3% during the 1st 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 acquiring an additional 2,686,291 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in ServiceNow by 3.4% during the 4th 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 purchasing an additional 87,876 shares during the period. Nuveen Asset Management LLC increased its stake in shares of 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 worth $2,484,752,000 after acquiring an additional 109,293 shares during the last quarter. Finally, Nuveen LLC acquired a new position in ServiceNow during the first quarter worth $1,817,535,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $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. In the last ninety days, insiders have sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Stifel Nicolaus upped their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Raymond James Financial upped their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Piper Sandler increased their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Bank of America lifted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Up 0.9%

Shares of NOW traded up $8.58 on Wednesday, hitting $920.00. 1,314,750 shares of the stock traded hands, compared to its average volume of 1,853,854. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The business has a 50 day simple moving average of $941.28 and a 200 day simple moving average of $924.12. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a market capitalization of $191.36 billion, a PE ratio of 115.87, a P/E/G ratio of 4.14 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the previous year, the company earned $3.13 earnings per share. The firm's quarterly revenue was up 22.4% on a year-over-year basis. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.