Eastern Bank Buys 511 Shares of ServiceNow, Inc. (NYSE:NOW)

Eastern Bank lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 54,771 shares of the information technology services provider’s stock after acquiring an additional 511 shares during the quarter. Eastern Bank’s holdings in ServiceNow were worth $43,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of 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 worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after purchasing an additional 877,875 shares during the period. Price T Rowe Associates Inc. MD boosted its position in ServiceNow by 6.8% in the 4th 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 period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in ServiceNow by 36.7% during 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 worth $1,940,464,000 after purchasing an additional 491,861 shares during the period. Finally, Sustainable Growth Advisers LP lifted its stake in ServiceNow by 96.7% in the first quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider’s stock worth $575,973,000 after acquiring an additional 355,629 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the sale, the insider owned 3,027 shares in the company, valued at $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider owned 3,000 shares in the company, valued at $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,233 shares of company stock valued at $5,297,758 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

ServiceNow Trading Up 0.6%

NOW stock opened at $992.08 on Wednesday. The company has a market cap of $206.35 billion, a P/E ratio of 124.95, a PEG ratio of 4.44 and a beta of 0.94. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average of $998.96 and a 200-day moving average of $951.86.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period last year, the company posted $3.13 EPS. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NOW shares. Robert W. Baird boosted their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Erste Group Bank reiterated a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Stifel Nicolaus boosted their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. BMO Capital Markets increased their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Finally, Needham & Company LLC upped their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,115.20.

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.