ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Welch & Forbes LLC

Welch & Forbes LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 92.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,869 shares of the information technology services provider’s stock after buying an additional 20,615 shares during the quarter. Welch & Forbes LLC’s holdings in ServiceNow were worth $34,130,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in ServiceNow by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after acquiring an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. FMR LLC lifted its holdings in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after buying an additional 272,506 shares during the period. Geode Capital Management LLC lifted its holdings in ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after acquiring an additional 100,670 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of 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 during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

ServiceNow stock opened at $957.31 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a fifty day moving average price of $1,007.54 and a two-hundred day moving average price of $957.77. The company has a market cap of $198.14 billion, a PE ratio of 130.07, a P/E/G ratio of 4.42 and a beta of 0.94.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period last year, the business posted $3.41 earnings per share. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In related news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,601 shares of company stock worth $6,577,363 over the last ninety days. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Sunday. Oppenheimer reiterated an “outperform” rating and issued a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Canaccord Genuity Group cut their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,068.23.

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.