Conning Inc. Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

by · The Cerbat Gem

Conning Inc. raised its stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 1.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,252 shares of the information technology services provider’s stock after acquiring an additional 13 shares during the quarter. Conning Inc.’s holdings in ServiceNow were worth $997,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of NOW. GAMMA Investing LLC boosted its position in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank bought a new position in ServiceNow in the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC lifted its position in shares of ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after buying an additional 509,467 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of ServiceNow by 36.7% in the 4th 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 valued at $1,940,464,000 after buying an additional 491,861 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Guggenheim boosted their price objective on shares of ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a research note on Thursday, April 24th. UBS Group reaffirmed a “buy” rating and issued a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. Jefferies Financial Group reduced their price target on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. FBN Securities upgraded ServiceNow to a “strong-buy” rating in a report on Wednesday, June 11th. Finally, Royal Bank Of Canada boosted their target price 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,068.23.

Get Our Latest Report on ServiceNow

Insider Activity at ServiceNow

In other news, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director directly owned 10,891 shares of the company’s stock, valued at $11,039,226.51. The trade was a 3.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan Chadwick sold 770 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the sale, the director directly owned 3,205 shares in the company, valued at $2,985,842.10. This trade represents a 19.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,716 shares of company stock valued at $6,611,245 in the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Trading Up 3.6%

NYSE NOW opened at $1,046.03 on Friday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $216.51 billion, a PE ratio of 142.12, a P/E/G ratio of 4.64 and a beta of 0.94. The company has a fifty day moving average of $1,001.94 and a 200 day moving average of $964.12.

ServiceNow (NYSE:NOW – Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter last year, the business posted $3.41 EPS. The company’s revenue was up 18.6% on a year-over-year basis. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow Profile

(Free Report)

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.

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