Raiffeisen Bank International AG Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Raiffeisen Bank International AG acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 53,347 shares of the information technology services provider's stock, valued at approximately $56,959,000. ServiceNow makes up approximately 0.9% of Raiffeisen Bank International AG's holdings, making the stock its 29th biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in ServiceNow during the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC boosted its stake in shares of ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in shares of ServiceNow during the 4th quarter valued at $682,468,000. Price T Rowe Associates Inc. MD raised its position in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in ServiceNow by 36.7% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock worth $1,940,464,000 after purchasing an additional 491,861 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Paul John Smith sold 1,184 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $980.08, for a total value of $1,160,414.72. Following the transaction, the insider now owns 4,204 shares in the company, valued at $4,120,256.32. This represents a 21.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,023 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the completion of the transaction, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,280,016. The trade was a 19.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,056 shares of company stock worth $14,421,814. 0.38% of the stock is owned by insiders.

ServiceNow Trading Down 0.7%

ServiceNow stock opened at $1,029.76 on Thursday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The business's fifty day moving average is $853.85 and its 200 day moving average is $971.90. The stock has a market capitalization of $213.16 billion, a PE ratio of 150.77, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter last year, the firm posted $3.41 EPS. The business's quarterly revenue was up 18.6% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has initiated a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently commented on NOW. Robert W. Baird lifted their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Royal Bank of Canada lifted their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. BMO Capital Markets increased their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Wednesday. Redburn Atlantic began coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating on the stock. Finally, TD Securities reissued a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,062.50.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.