Visualize Group LP Acquires New Stake in ServiceNow, Inc. $NOW

Key Points

• Visualize Group LP invested approximately $7.75 million in ServiceNow, acquiring 9,740 shares, making it the 10th largest position in their portfolio.
• Recent analyst ratings indicate a generally positive outlook for ServiceNow, with multiple brokerages raising their price targets, including DA Davidson raising theirs to $1,250.00.
• ServiceNow reported a quarterly earnings per share of $4.09, exceeding estimates and showing a 22.4% increase in revenue compared to the previous year.

Visualize Group LP acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,740 shares of the information technology services provider's stock, valued at approximately $7,754,000. ServiceNow makes up approximately 2.6% of Visualize Group LP's holdings, making the stock its 10th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. Wealth Preservation Advisors LLC acquired a new position in ServiceNow during the 1st quarter worth approximately $382,000. Janus Henderson Group PLC grew its holdings in 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 acquiring an additional 12,533 shares in the last quarter. Corient IA LLC acquired a new position in shares of ServiceNow during the first quarter worth $796,000. Parr Mcknight Wealth Management Group LLC acquired a new position in shares of ServiceNow during the first quarter worth $1,820,000. Finally, ASR Vermogensbeheer N.V. acquired a new position in shares of ServiceNow during the first quarter worth $19,278,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction 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 sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of analyst reports. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Piper Sandler upped their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Performance

Shares of NOW stock traded down $4.87 during trading hours on Tuesday, hitting $934.46. The stock had a trading volume of 1,195,902 shares, compared to its average volume of 1,734,947. The firm has a market capitalization of $194.37 billion, a PE ratio of 117.69, a PEG ratio of 4.24 and a beta of 0.91. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock's 50 day moving average is $933.46 and its 200 day moving average is $922.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

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 for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.13 earnings per share. As a group, research 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.