Drive Wealth Management LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Drive Wealth Management LLC grew its stake in ServiceNow, Inc. (NYSE:NOW) by 3.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 786 shares of the information technology services provider’s stock after purchasing an additional 28 shares during the quarter. Drive Wealth Management LLC’s holdings in ServiceNow were worth $703,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC grew its holdings in ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after buying an additional 1,183,739 shares in the last quarter. Swedbank AB bought a new stake in ServiceNow in the first quarter worth approximately $897,908,000. AustralianSuper Pty Ltd acquired a new position in shares of ServiceNow during the 2nd quarter valued at about $218,786,000. Canada Pension Plan Investment Board raised its holdings in ServiceNow by 59.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock worth $500,258,000 after acquiring an additional 237,086 shares during the period. Finally, abrdn plc boosted its position in shares of ServiceNow by 110.2% in the third quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock valued at $392,477,000 after acquiring an additional 231,900 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. This represents a 33.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,231 shares of company stock worth $4,947,292 over the last quarter. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 2.7 %

Shares of ServiceNow stock opened at $1,011.39 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The company’s fifty day simple moving average is $932.47 and its 200-day simple moving average is $825.13. The stock has a market capitalization of $208.35 billion, a PE ratio of 157.29, a P/E/G ratio of 5.80 and a beta of 0.98. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,061.66.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the prior year, the company earned $1.21 EPS. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, equities analysts anticipate that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Analysts Set New Price Targets

NOW has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $900.00 to $960.00 in a research note on Monday, October 21st. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Stifel Nicolaus boosted their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Mizuho increased their target price on ServiceNow from $850.00 to $980.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $974.04.

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.