Erste Asset Management GmbH Acquires Shares of 72,697 ServiceNow, Inc. (NYSE:NOW)

Erste Asset Management GmbH acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 72,697 shares of the information technology services provider's stock, valued at approximately $64,407,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NOW. FMR LLC grew its stake in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider's stock worth $5,014,302,000 after acquiring an additional 502,845 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in ServiceNow by 4.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,566,949 shares of the information technology services provider's stock valued at $2,295,854,000 after purchasing an additional 112,380 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of ServiceNow by 3.5% in the third quarter. Fisher Asset Management LLC now owns 1,662,968 shares of the information technology services provider's stock worth $1,487,343,000 after buying an additional 56,830 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of ServiceNow by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,620,298 shares of the information technology services provider's stock worth $1,449,178,000 after buying an additional 167,847 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of ServiceNow by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider's stock valued at $1,203,157,000 after buying an additional 34,855 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE:NOW traded up $8.04 during midday trading on Friday, hitting $1,049.44. The company had a trading volume of 583,092 shares, compared to its average volume of 1,192,822. The business's 50-day simple moving average is $963.10 and its 200-day simple moving average is $846.89. The stock has a market cap of $216.18 billion, a price-to-earnings ratio of 163.21, a price-to-earnings-growth ratio of 6.02 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,072.84.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the previous year, the firm earned $1.21 EPS. The company's quarterly revenue was up 22.2% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insider Activity

In related news, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the business's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,329 shares of company stock valued at $20,547,241 in the last 90 days. Company insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on NOW shares. Truist Financial lifted their price target on ServiceNow from $780.00 to $900.00 and gave the stock a "hold" rating in a research report on Wednesday, October 23rd. JMP Securities upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a "market outperform" rating in a research report on Thursday, October 17th. BMO Capital Markets raised their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an "outperform" rating in a research report on Thursday, October 10th. Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a "sector outperform" rating and a $1,230.00 price objective on the stock. Finally, Barclays boosted their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $989.07.

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.