DnB Asset Management AS Grows Stake in ServiceNow, Inc. (NYSE:NOW)

DnB Asset Management AS lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,715 shares of the information technology services provider’s stock after purchasing an additional 353 shares during the quarter. DnB Asset Management AS owned 0.06% of ServiceNow worth $69,524,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. CoreCap Advisors LLC purchased a new position in shares of ServiceNow in the fourth quarter worth $27,000. Barrett & Company Inc. purchased a new position in ServiceNow in the 1st quarter worth about $28,000. High Net Worth Advisory Group LLC bought a new position in ServiceNow during the 1st quarter valued at about $29,000. Larson Financial Group LLC lifted its stake in ServiceNow by 153.8% during the 1st quarter. Larson Financial Group LLC now owns 66 shares of the information technology services provider’s stock valued at $31,000 after acquiring an additional 40 shares during the period. Finally, Resources Management Corp CT ADV boosted its holdings in shares of ServiceNow by 233.3% during the 1st quarter. Resources Management Corp CT ADV now owns 500 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 350 shares during the last quarter. Institutional investors own 87.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Evercore ISI increased their price objective on shares of ServiceNow from $550.00 to $650.00 and gave the company an “overweight” rating in a research report on Tuesday, August 15th. TheStreet upgraded ServiceNow from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Piper Sandler lifted their price objective on ServiceNow from $525.00 to $600.00 in a report on Friday, June 9th. Oppenheimer increased their target price on ServiceNow from $500.00 to $640.00 in a report on Thursday, July 20th. Finally, Wells Fargo & Company boosted their price target on ServiceNow from $625.00 to $650.00 in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $591.38.

ServiceNow Price Performance

NOW traded down $2.53 during trading on Thursday, hitting $588.85. 188,306 shares of the company traded hands, compared to its average volume of 1,461,326. The stock’s 50-day simple moving average is $572.31 and its two-hundred day simple moving average is $515.49. ServiceNow, Inc. has a 1 year low of $337.00 and a 1 year high of $614.36. The company has a market cap of $119.97 billion, a PE ratio of 85.21, a P/E/G ratio of 6.04 and a beta of 1.01. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.21.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 26th. The information technology services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.34. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.13 billion. ServiceNow had a return on equity of 11.07% and a net margin of 17.76%. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 3.59 earnings per share for the current fiscal year.

Insider Activity

In other ServiceNow news, insider Christopher Bedi sold 1,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $593.51, for a total transaction of $593,510.00. Following the completion of the transaction, the insider now owns 15,484 shares in the company, valued at $9,189,908.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Christopher Bedi sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $593.51, for a total value of $593,510.00. Following the completion of the sale, the insider now directly owns 15,484 shares of the company’s stock, valued at approximately $9,189,908.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Chirantan Jitendra Desai sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $592.10, for a total value of $2,664,450.00. Following the transaction, the chief operating officer now directly owns 41,307 shares in the company, valued at approximately $24,457,874.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,951 shares of company stock worth $10,147,437. 0.24% of the stock is currently owned by insiders.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.