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

Public Sector Pension Investment Board increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 15.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,084 shares of the information technology services provider’s stock after purchasing an additional 1,200 shares during the quarter. Public Sector Pension Investment Board’s holdings in ServiceNow were worth $8,125,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of NOW. Versant Capital Management Inc lifted its holdings in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 28 shares during the period. Truvestments Capital LLC acquired a new stake in shares of ServiceNow during the third quarter worth $30,000. Ridgewood Investments LLC acquired a new stake in shares of ServiceNow during the second quarter worth $32,000. DT Investment Partners LLC lifted its holdings in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. Finally, American Capital Advisory LLC acquired a new stake in ServiceNow in the second quarter valued at $39,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays raised their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Jefferies Financial Group raised their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Citigroup raised their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. JMP Securities raised their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. Finally, Royal Bank of Canada raised their target price on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $989.07.

ServiceNow Stock Performance

NYSE NOW opened at $1,050.62 on Friday. The firm has a market capitalization of $216.43 billion, a P/E ratio of 163.39, a P/E/G ratio of 5.98 and a beta of 0.98. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,072.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The business’s 50-day simple moving average is $963.10 and its 200-day simple moving average is $846.02.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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. The business 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 was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.21 EPS. Equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 81 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the transaction, the general counsel now directly owns 6,843 shares of the company’s stock, valued at approximately $6,956,183.22. The trade was a 1.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 76 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,060,115.38. This trade represents a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,329 shares of company stock valued at $20,547,241 in the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow 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.