Insight Holdings Group LLC Acquires Shares of 3,700 ServiceNow, Inc. (NYSE:NOW)

Insight Holdings Group LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,700 shares of the information technology services provider's stock, valued at approximately $3,309,000. ServiceNow comprises approximately 0.1% of Insight Holdings Group LLC's holdings, making the stock its 22nd biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Truvestments Capital LLC acquired a new position in shares of ServiceNow in the third quarter valued at about $30,000. Versant Capital Management Inc grew its position in shares of ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider's stock worth $27,000 after purchasing an additional 28 shares in the last quarter. DT Investment Partners LLC increased its holdings in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock worth $35,000 after purchasing an additional 17 shares during the period. Ridgewood Investments LLC acquired a new stake in shares of ServiceNow in the second quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. boosted its stake in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider's stock valued at $39,000 after buying an additional 14 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Up 0.8 %

NYSE NOW traded up $8.19 during trading hours on Tuesday, hitting $1,056.62. 1,282,994 shares of the company's stock were exchanged, compared to its average volume of 1,280,072. The firm has a market cap of $217.66 billion, a price-to-earnings ratio of 164.33, a PEG ratio of 6.02 and a beta of 0.99. The stock has a 50-day simple moving average of $968.22 and a 200 day simple moving average of $851.60. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,072.84.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data 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 net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter last year, the firm posted $1.21 EPS. The company's quarterly revenue was up 22.2% on a year-over-year basis. On average, equities analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Citigroup raised their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. BMO Capital Markets raised their price target on ServiceNow from $860.00 to $1,025.00 and gave the stock an "outperform" rating in a research report on Thursday, October 10th. Sanford C. Bernstein upped their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Royal Bank of Canada raised their target price on shares of ServiceNow from $985.00 to $1,045.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Finally, Robert W. Baird upped their price target on shares of ServiceNow from $900.00 to $975.00 and gave the stock an "outperform" rating in a 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $999.07.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company's stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of the company's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now owns 42,920 shares in the company, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,629 shares of company stock valued at $20,861,626. Corporate insiders own 0.25% of the company's stock.

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.