Industrial Alliance Investment Management Inc. Increases Stake in ServiceNow, Inc. (NYSE:NOW)

Industrial Alliance Investment Management Inc. raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,945 shares of the information technology services provider’s stock after buying an additional 71 shares during the quarter. ServiceNow comprises 0.6% of Industrial Alliance Investment Management Inc.’s portfolio, making the stock its 13th largest holding. Industrial Alliance Investment Management Inc.’s holdings in ServiceNow were worth $1,483,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Managment Co. purchased a new position in ServiceNow during the 4th quarter valued at about $29,000. EntryPoint Capital LLC grew its holdings in ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 39 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after buying an additional 32 shares in the last quarter. Disciplined Equity Management Inc. purchased a new position in ServiceNow during the 4th quarter valued at about $35,000. Finally, Sachetta LLC purchased a new position in ServiceNow during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Christopher Bedi sold 215 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the completion of the sale, the insider now directly owns 15,892 shares in the company, valued at $11,124,400. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,330 shares of company stock valued at $5,482,012. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on NOW shares. JMP Securities lifted their target price on ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a report on Thursday, July 25th. Royal Bank of Canada boosted their price objective on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Truist Financial boosted their price objective on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Canaccord Genuity Group reissued a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a report on Tuesday, July 23rd. Finally, Guggenheim reissued a “sell” rating and set a $640.00 price objective on shares of ServiceNow in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $842.22.

ServiceNow Trading Down 0.0 %

Shares of NOW traded down $0.36 during mid-day trading on Tuesday, hitting $798.70. 1,190,781 shares of the company’s stock traded hands, compared to its average volume of 1,335,941. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $850.33. The firm has a market capitalization of $164.53 billion, a P/E ratio of 85.05, a PEG ratio of 5.17 and a beta of 0.99. The business’s 50-day moving average price is $744.53 and its 200-day moving average price is $752.06.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the firm earned $0.77 earnings per share. The business’s revenue was up 22.2% compared to the same quarter last year. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 6.5 EPS for the current fiscal year.

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.