ServiceNow, Inc. (NYSE:NOW) Shares Purchased by SouthState Corp

SouthState Corp boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 1.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,043 shares of the information technology services provider’s stock after buying an additional 274 shares during the period. ServiceNow accounts for approximately 1.2% of SouthState Corp’s investment portfolio, making the stock its 26th largest holding. SouthState Corp’s holdings in ServiceNow were worth $17,926,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC increased its position in ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after buying an additional 138 shares during the period. Venturi Wealth Management LLC increased its holdings in shares of ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after purchasing an additional 765 shares during the period. AXA S.A. increased its holdings in shares of ServiceNow by 1.1% during the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock valued at $304,712,000 after purchasing an additional 4,271 shares during the period. HWG Holdings LP acquired a new position in shares of ServiceNow during the second quarter valued at $2,679,000. Finally, Brookstone Capital Management increased its holdings in shares of ServiceNow by 25.5% during the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after purchasing an additional 2,928 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Down 0.7 %

NOW opened at $1,004.53 on Tuesday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. The business has a 50-day moving average of $935.45 and a 200-day moving average of $827.30. 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 has a market capitalization of $206.93 billion, a PE ratio of 156.23, a price-to-earnings-growth ratio of 5.80 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping 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 company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period last year, the business earned $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the transaction, the director now directly owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. The trade was a 33.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,231 shares of company stock valued at $4,947,292 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

NOW has been the topic of a number of research analyst reports. Mizuho raised their price target on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Wells Fargo & Company raised their price target on ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. JMP Securities raised their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Finally, Scotiabank assumed coverage on ServiceNow in a report on Tuesday. They set a “sector outperform” rating and a $1,230.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $983.18.

ServiceNow Company 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.