IFM Investors Pty Ltd Buys 149 Shares of ServiceNow, Inc. $NOW

IFM Investors Pty Ltd increased its position in ServiceNow, Inc. (NYSE:NOW) by 0.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 40,219 shares of the information technology services provider’s stock after purchasing an additional 149 shares during the period. IFM Investors Pty Ltd’s holdings in ServiceNow were worth $32,020,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NOW. GAMMA Investing LLC lifted its position in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after buying an additional 2,686,291 shares in the last quarter. Nuveen LLC purchased a new stake in ServiceNow during the first quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after purchasing an additional 877,875 shares during the period. Goldman Sachs Group Inc. raised its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the period. Finally, Parnassus Investments LLC purchased a new stake in ServiceNow during the first quarter valued at approximately $519,806,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $934.46 on Wednesday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The firm has a market cap of $194.37 billion, a price-to-earnings ratio of 117.69, a PEG ratio of 4.24 and a beta of 0.91. The stock’s 50-day moving average is $933.46 and its two-hundred day moving average is $922.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period last year, the firm earned $3.13 EPS. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on NOW shares. Wells Fargo & Company increased their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Piper Sandler increased 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. Guggenheim reissued a “sell” rating and issued a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Morgan Stanley reissued an “equal weight” rating on shares of ServiceNow in a research report on Tuesday, July 8th. Finally, Erste Group Bank reiterated a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1,115.20.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. The trade was a 36.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares of the company’s stock, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 in the last three months. 0.38% of the stock is currently owned by company insiders.

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.