Eastern Bank Grows Stock Position in ServiceNow, Inc. (NYSE:NOW)

Eastern Bank grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 108.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,421 shares of the information technology services provider’s stock after acquiring an additional 28,272 shares during the quarter. Eastern Bank’s holdings in ServiceNow were worth $48,674,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. M&G Plc bought a new stake in shares of ServiceNow in the 1st quarter worth $11,030,000. AXA S.A. lifted its holdings in shares of ServiceNow by 1.1% during the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock valued at $304,712,000 after acquiring an additional 4,271 shares during the period. HWG Holdings LP bought a new position in shares of ServiceNow in the second quarter worth about $2,679,000. New Mexico Educational Retirement Board grew its position in shares of ServiceNow by 9.4% during the 1st quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock worth $8,882,000 after buying an additional 1,000 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of ServiceNow by 375.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock worth $1,041,000 after buying an additional 1,078 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NOW. Evercore ISI increased their target price on ServiceNow from $850.00 to $950.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Wells Fargo & Company raised their price target on shares of ServiceNow from $935.00 to $1,025.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Stifel Nicolaus lifted their target price on shares of ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. TD Cowen upped their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a report on Monday. Finally, Mizuho increased their price target on shares of ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $923.00.

ServiceNow Stock Up 0.2 %

Shares of NOW stock traded up $1.77 on Tuesday, hitting $920.11. 349,010 shares of the stock were exchanged, compared to its average volume of 1,268,508. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $949.59. The business has a 50-day moving average of $876.85 and a 200 day moving average of $793.35. The firm has a market capitalization of $188.62 billion, a P/E ratio of 98.41, a price-to-earnings-growth ratio of 5.63 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping the consensus estimate of $2.85 by $0.28. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period last year, the firm earned $0.77 earnings per share. Equities analysts anticipate that ServiceNow, Inc. will post 6.78 EPS for the current year.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,267 shares of company stock valued at $5,935,447 over the last 90 days. Company insiders own 0.25% of the company’s stock.

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.