OVERSEA CHINESE BANKING Corp Ltd Has $81.68 Million Stock Position in ServiceNow, Inc. $NOW

OVERSEA CHINESE BANKING Corp Ltd reduced its position in ServiceNow, Inc. (NYSE:NOW) by 2.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 79,473 shares of the information technology services provider’s stock after selling 2,141 shares during the period. ServiceNow comprises 2.2% of OVERSEA CHINESE BANKING Corp Ltd’s holdings, making the stock its 11th largest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ServiceNow were worth $81,678,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of NOW. Brighton Jones LLC lifted its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares during the last quarter. Bartlett & CO. Wealth Management LLC lifted its position in ServiceNow by 56.9% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 193 shares of the information technology services provider’s stock worth $154,000 after acquiring an additional 70 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in ServiceNow by 16.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,732 shares of the information technology services provider’s stock worth $34,876,000 after acquiring an additional 6,075 shares during the last quarter. Highland Capital Management LLC lifted its position in ServiceNow by 3.0% during the first quarter. Highland Capital Management LLC now owns 2,429 shares of the information technology services provider’s stock worth $1,934,000 after acquiring an additional 70 shares during the last quarter. Finally, Confluence Wealth Services Inc. lifted its position in ServiceNow by 114.1% during the first quarter. Confluence Wealth Services Inc. now owns 773 shares of the information technology services provider’s stock worth $628,000 after acquiring an additional 412 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOW has been the subject of several research reports. Guggenheim restated a “sell” rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. BMO Capital Markets raised their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Finally, Citigroup raised their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,124.17.

ServiceNow Stock Down 1.0%

Shares of NOW opened at $929.77 on Monday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm’s 50 day moving average is $917.85 and its 200-day moving average is $943.26. The stock has a market capitalization of $193.39 billion, a PE ratio of 117.10, a P/E/G ratio of 4.20 and a beta of 0.92. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred 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 completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock valued at $16,798,825 over the last three months. 0.38% of the stock is owned by corporate 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.