Migdal Insurance & Financial Holdings Ltd. grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 659.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,459 shares of the information technology services provider's stock after purchasing an additional 1,267 shares during the period. Migdal Insurance & Financial Holdings Ltd.'s holdings in ServiceNow were worth $1,140,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in NOW. Norges Bank bought a new stake in ServiceNow in the fourth quarter worth $1,648,259,000. Swedbank AB bought a new stake in shares of ServiceNow during the 1st quarter worth about $897,908,000. Global Assets Advisory LLC bought a new stake in shares of ServiceNow during the 1st quarter worth about $403,034,000. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider's stock valued at $14,066,715,000 after acquiring an additional 331,797 shares during the last quarter. Finally, AustralianSuper Pty Ltd bought a new position in shares of ServiceNow in the 2nd quarter valued at approximately $218,786,000. 87.18% of the stock is owned by hedge funds and other institutional investors.
ServiceNow Price Performance
Shares of NYSE NOW traded up $17.81 during midday trading on Thursday, reaching $831.92. 1,244,984 shares of the company traded hands, compared to its average volume of 1,290,544. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $850.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The stock's 50-day simple moving average is $787.75 and its 200-day simple moving average is $759.66. The firm has a market cap of $170.54 billion, a PE ratio of 88.91, a PEG ratio of 4.82 and a beta of 0.99.
ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly 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. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm's quarterly revenue was up 22.2% on a year-over-year basis. During the same period last year, the firm posted $0.77 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 6.84 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on NOW shares. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research report on Tuesday, May 7th. JPMorgan Chase & Co. raised their target price on shares of ServiceNow from $780.00 to $820.00 and gave the company an "overweight" rating in a research note on Thursday, July 25th. Wolfe Research reissued an "outperform" rating and set a $830.00 target price on shares of ServiceNow in a research report on Friday, May 10th. Truist Financial raised their price target on ServiceNow from $750.00 to $780.00 and gave the company a "hold" rating in a research report on Thursday, July 25th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $835.00 price objective on shares of ServiceNow in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $849.62.
Get Our Latest Research Report on NOW
Insider Activity at ServiceNow
In related news, General Counsel Russell S. Elmer sold 1,937 shares of the firm's stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares of the company's stock, valued at $5,252,800.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Christopher Bedi sold 215 shares of the business's stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total transaction of $150,500.00. Following the completion of the sale, the insider now directly owns 15,892 shares of the company's stock, valued at $11,124,400. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. The disclosure for this sale can be found here. Insiders sold 7,129 shares of company stock valued at $5,759,436 in the last three months. Corporate insiders own 0.25% of the company's stock.
ServiceNow Profile
(Free Report)
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.
Further Reading
- Five stocks we like better than ServiceNow
- Where Do I Find 52-Week Highs and Lows?
- How to Invest in Insurance Companies: A Guide
- Best Buy Stock Flashes Bullish Signal, Challenges Remain
- Why Invest in 5G? How to Invest in 5G Stocks
- Affirm Shows Buy-Now-Pay-Later Is Here to Stay in Latest Results
→ DNC crowns Kamala, but she’s already DONE (From Paradigm Press) (Ad)
Should you invest $1,000 in ServiceNow right now?
Before you consider ServiceNow, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ServiceNow wasn't on the list.
While ServiceNow currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
7 AI Stocks to Invest In: An Introduction to AI Investing For Self-Directed Investors
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
