Terra Nova Asset Management LLC Makes New $1.71 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Terra Nova Asset Management LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,147 shares of the information technology services provider’s stock, valued at approximately $1,709,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. GAMMA Investing LLC grew its position in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank purchased a new position in shares of ServiceNow during the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC grew its holdings in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow during the 4th quarter valued at $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of ServiceNow by 6.8% during 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 acquiring an additional 509,467 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 1.0%

Shares of NOW opened at $1,005.95 on Thursday. The company has a 50-day simple moving average of $975.77 and a 200-day simple moving average of $968.70. The firm has a market capitalization of $208.21 billion, a P/E ratio of 136.68, a P/E/G ratio of 4.58 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the prior year, the business earned $3.41 earnings per share. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. Truist Financial upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and boosted their price target for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Morgan Stanley boosted their price target on shares of ServiceNow from $881.00 to $950.00 and gave the company an “equal weight” rating in a report on Thursday, April 24th. Erste Group Bank upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Robert W. Baird boosted their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, Oppenheimer restated an “outperform” rating and set a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,065.32.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anita M. Sands sold 248 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total transaction of $250,266.72. Following the completion of the transaction, the director now directly owns 10,643 shares of the company’s stock, valued at $10,740,277.02. This trade represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,716 shares of company stock valued at $6,611,245 over the last quarter. Corporate insiders own 0.38% 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.