Sarasin & Partners LLP Buys Shares of 74,832 ServiceNow, Inc. (NYSE:NOW)

Sarasin & Partners LLP purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 74,832 shares of the information technology services provider’s stock, valued at approximately $59,577,000.

A number of other large investors also recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its stake in shares of ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock valued at $874,258,000 after acquiring an additional 12,533 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the fourth quarter worth $48,802,000. FMR LLC boosted its stake in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Duncker Streett & Co. Inc. lifted its stake in shares of ServiceNow by 4.8% during the fourth quarter. Duncker Streett & Co. Inc. now owns 6,376 shares of the information technology services provider’s stock worth $6,759,000 after buying an additional 290 shares during the period. Finally, Nicholas Investment Partners LP raised its stake in shares of ServiceNow by 223.5% in the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider’s stock worth $2,974,000 after purchasing an additional 1,938 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,096,621. This trade represents a 2.13% 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. Also, Director Jonathan Chadwick sold 770 shares of the business’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $931.62, for a total value of $717,347.40. Following the sale, the director now directly owns 3,205 shares in the company, valued at approximately $2,985,842.10. The trade was a 19.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,716 shares of company stock worth $6,611,245. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NOW. Barclays set a $1,085.00 price objective on ServiceNow in a research report on Wednesday, May 7th. Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Canaccord Genuity Group reduced their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Piper Sandler cut their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Finally, Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,027.05 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $212.58 billion, a price-to-earnings ratio of 150.37, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The business has a 50 day simple moving average of $923.49 and a 200-day simple moving average of $973.88.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the firm earned $3.41 earnings per share. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.