Zions Bancorporation National Association UT Invests $674,000 in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Zions Bancorporation National Association UT purchased approximately $674,000 worth of ServiceNow, Inc. shares, acquiring 847 shares in total during the first quarter.
• Insider selling occurred, with notable transactions including Jacqueline P. Canney selling 145 shares and Nicholas Tzitzon selling 1,171 shares, both on May 30th, leading to significant decreases in their ownership percentages.
• ServiceNow reported a quarterly revenue of $3.22 billion, exceeding estimates and representing a 22.4% increase year-over-year, alongside earnings per share of $4.09 beating expectations by $0.52.

Zions Bancorporation National Association UT bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 847 shares of the information technology services provider's stock, valued at approximately $674,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bogart Wealth LLC lifted its holdings in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new position in ServiceNow in the first quarter valued at approximately $26,000. Quarry LP acquired a new position in ServiceNow in the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co lifted its holdings in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares during the last quarter. Finally, Heck Capital Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at approximately $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the transaction, the insider owned 3,027 shares in the company, valued at $3,087,540. This represents a 4.57% 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, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock valued at $5,318,667 over the last ninety days. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NOW shares. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an "outperform" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. cut their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. DA Davidson boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Piper Sandler boosted their target price 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. Finally, Canaccord Genuity Group cut their target price on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

NYSE:NOW opened at $871.70 on Friday. The firm has a market capitalization of $181.31 billion, a PE ratio of 109.79, a price-to-earnings-growth ratio of 3.93 and a beta of 0.93. The business's fifty day moving average price is $982.92 and its 200 day moving average price is $943.49. 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, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

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 (EPS) 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 company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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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