ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Bay Rivers Group

Bay Rivers Group lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 11.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,885 shares of the information technology services provider’s stock after acquiring an additional 296 shares during the period. Bay Rivers Group’s holdings in ServiceNow were worth $2,297,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. GAMMA Investing LLC grew its stake 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 buying an additional 2,686,291 shares during the last quarter. Norges Bank purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC grew its stake in shares of ServiceNow by 154,255.3% in 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 purchasing an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of 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 purchasing an additional 509,467 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider now directly owns 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,716 shares of company stock worth $6,611,245. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a research note on Thursday, April 24th. Guggenheim lifted their target price on ServiceNow from $716.00 to $724.00 and gave the company a “sell” rating in a research note on Thursday, April 24th. Wells Fargo & Company lifted their price target on ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Piper Sandler decreased their price target on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. decreased their price target on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Stock Performance

NOW opened at $1,012.25 on Thursday. The business’s 50-day moving average price is $910.63 and its two-hundred day moving average price is $974.82. ServiceNow, Inc. has a 1 year low of $676.19 and a 1 year high of $1,198.09. The company has a market capitalization of $209.52 billion, a price-to-earnings ratio of 148.21, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter last year, the company earned $3.41 EPS. ServiceNow’s revenue for the quarter was up 18.6% compared to the same quarter last year. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow Company 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.