Citizens Financial Group Inc. RI Increases Position in ServiceNow, Inc. (NYSE:NOW)

Citizens Financial Group Inc. RI increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 25.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,779 shares of the information technology services provider’s stock after buying an additional 758 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in ServiceNow were worth $3,380,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NOW. Quent Capital LLC increased its stake in ServiceNow by 4.1% in the 1st quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock valued at $587,000 after buying an additional 30 shares during the period. Edgestream Partners L.P. acquired a new position in shares of ServiceNow during the first quarter worth about $210,000. EntryPoint Capital LLC raised its holdings in ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in ServiceNow by 81.8% in the 1st quarter. CreativeOne Wealth LLC now owns 640 shares of the information technology services provider’s stock valued at $488,000 after purchasing an additional 288 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in ServiceNow by 22.5% during the 1st quarter. Advisors Asset Management Inc. now owns 7,905 shares of the information technology services provider’s stock worth $6,027,000 after purchasing an additional 1,453 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,048.34 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $215.96 billion, a price-to-earnings ratio of 163.04, a price-to-earnings-growth ratio of 5.87 and a beta of 0.98. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,061.66. The company has a 50 day moving average price of $944.90 and a 200 day moving average price of $832.32.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the company posted $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Sell-side analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Transactions 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 sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction dated 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 directly owns 3,027 shares in the company, valued at $2,799,853.92. This trade represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,644 shares of company stock worth $19,381,744 in the last three months. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on NOW. Oppenheimer raised their price target on ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Scotiabank began coverage on shares of ServiceNow in a research note on Tuesday. They set a “sector outperform” rating and a $1,230.00 price target on the stock. KeyCorp boosted their price objective on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. increased their target price on shares of ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, TD Cowen upped their price target on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $986.39.

About ServiceNow

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.