ServiceNow, Inc. (NYSE:NOW) Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 15.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,084 shares of the information technology services provider’s stock after purchasing an additional 1,200 shares during the period. Public Sector Pension Investment Board’s holdings in ServiceNow were worth $8,125,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. FMR LLC raised its position in shares of ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of ServiceNow by 3.5% in the 3rd quarter. Fisher Asset Management LLC now owns 1,662,968 shares of the information technology services provider’s stock valued at $1,487,343,000 after purchasing an additional 56,830 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of ServiceNow by 11.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,620,298 shares of the information technology services provider’s stock valued at $1,449,178,000 after purchasing an additional 167,847 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of ServiceNow by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after purchasing an additional 34,855 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after purchasing an additional 935,848 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NOW opened at $1,050.62 on Friday. The stock’s fifty day moving average is $963.10 and its 200-day moving average is $846.02. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,072.84. The firm has a market capitalization of $216.43 billion, a price-to-earnings ratio of 163.39, a price-to-earnings-growth ratio of 5.98 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

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

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This trade represents a 10.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,329 shares of company stock valued at $20,547,241 over the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NOW. Mizuho boosted their price target on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Canaccord Genuity Group boosted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Piper Sandler boosted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Needham & Company LLC boosted their price target on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Truist Financial boosted their price target on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $989.07.

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.