Washington Trust Bank Buys 386 Shares of ServiceNow, Inc. (NYSE:NOW)

Washington Trust Bank raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 24,098 shares of the information technology services provider's stock after purchasing an additional 386 shares during the period. ServiceNow accounts for about 1.9% of Washington Trust Bank's investment portfolio, making the stock its 14th biggest holding. Washington Trust Bank's holdings in ServiceNow were worth $19,185,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock valued at $20,353,517,000 after purchasing an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the period. FMR LLC grew its holdings in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the period. Geode Capital Management LLC grew its holdings in ServiceNow by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock valued at $4,560,890,000 after purchasing an additional 100,670 shares during the period. Finally, GAMMA Investing LLC grew its holdings in ServiceNow by 87,501.3% during the first 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 purchasing an additional 2,686,291 shares during the period. Institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 145 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the sale, the insider owned 3,027 shares in the company, valued at approximately $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,955 shares of company stock valued at $6,862,195. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NOW. Stifel Nicolaus boosted their price target on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Oppenheimer reiterated an "outperform" rating and set a $1,100.00 target price (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. Bank of America cut their target price on ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Scotiabank set a $1,100.00 target price on ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,068.23.

ServiceNow Trading Down 0.8%

NOW stock traded down $7.81 during midday trading on Wednesday, reaching $1,015.17. 1,146,714 shares of the company traded hands, compared to its average volume of 1,478,282. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The business has a 50 day moving average of $1,008.69 and a 200-day moving average of $962.58. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The firm has a market capitalization of $210.12 billion, a price-to-earnings ratio of 137.93, a P/E/G ratio of 4.70 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the business posted $3.41 earnings per share. The company's revenue for the quarter was up 18.6% on a year-over-year basis. As a group, sell-side analysts expect 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.