Associated Banc Corp Grows Stock Position in ServiceNow, Inc. (NYSE:NOW)

by · The Markets Daily

Associated Banc Corp grew its stake in ServiceNow, Inc. (NYSE:NOW – Free Report) by 0.6% during the third quarter, HoldingsChannel reports. The firm owned 83,795 shares of the information technology services provider’s stock after buying an additional 490 shares during the quarter. ServiceNow accounts for about 2.2% of Associated Banc Corp’s investment portfolio, making the stock its 8th largest holding. Associated Banc Corp’s holdings in ServiceNow were worth $74,945,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirabella Financial Services LLP raised its position in ServiceNow by 17.3% in the third quarter. Mirabella Financial Services LLP now owns 6,590 shares of the information technology services provider’s stock valued at $5,715,000 after purchasing an additional 972 shares during the last quarter. Hancock Whitney Corp increased its stake in shares of ServiceNow by 2.4% in the third quarter. Hancock Whitney Corp now owns 1,467 shares of the information technology services provider’s stock valued at $1,312,000 after buying an additional 35 shares during the period. Truvestments Capital LLC bought a new position in ServiceNow in the 3rd quarter valued at approximately $30,000. Brown Brothers Harriman & Co. increased its position in ServiceNow by 104.6% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,113 shares of the information technology services provider’s stock valued at $995,000 after acquiring an additional 569 shares during the period. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of ServiceNow by 8.0% during the third quarter. Loomis Sayles & Co. L P now owns 1,277 shares of the information technology services provider’s stock worth $1,142,000 after purchasing an additional 95 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling at ServiceNow

In other news, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,787 shares of company stock worth $17,841,028. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 0.5 %

Shares of NOW traded up $5.65 on Monday, reaching $1,066.25. The company’s stock had a trading volume of 74,528 shares, compared to its average volume of 1,279,379. The stock has a market capitalization of $219.65 billion, a PE ratio of 164.95, a PEG ratio of 6.09 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,068.87. The firm has a fifty day moving average of $948.53 and a 200-day moving average of $836.29.

ServiceNow (NYSE:NOW – Get Free Report) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter last year, the company earned $1.21 earnings per share. Equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on NOW shares. Evercore ISI increased their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Citigroup lifted their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Robert W. Baird raised their price target on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Oppenheimer lifted their target price on shares of ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Needham & Company LLC upped their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $989.07.

View Our Latest Report on NOW

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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