iA Global Asset Management Inc. Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

iA Global Asset Management Inc. raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 4.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 49,536 shares of the information technology services provider’s stock after purchasing an additional 2,157 shares during the quarter. iA Global Asset Management Inc.’s holdings in ServiceNow were worth $38,968,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optas LLC boosted its stake in shares of ServiceNow by 1.7% in the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after buying an additional 14 shares during the last quarter. Cedar Wealth Management LLC boosted its position in ServiceNow by 5.5% in the 1st quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after purchasing an additional 14 shares in the last quarter. Financial Advocates Investment Management grew its stake in shares of ServiceNow by 2.7% during the 2nd quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock worth $415,000 after purchasing an additional 14 shares during the period. Forbes J M & Co. LLP grew its stake in shares of ServiceNow by 0.3% during the 1st quarter. Forbes J M & Co. LLP now owns 5,293 shares of the information technology services provider’s stock worth $4,035,000 after purchasing an additional 15 shares during the period. Finally, Regent Peak Wealth Advisors LLC lifted its stake in shares of ServiceNow by 3.9% in the 1st quarter. Regent Peak Wealth Advisors LLC now owns 400 shares of the information technology services provider’s stock valued at $305,000 after purchasing an additional 15 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other ServiceNow news, insider Christopher Bedi sold 215 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 15,892 shares of the company’s stock, valued at $11,124,400. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,129 shares of company stock valued at $5,759,436. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Guggenheim restated a “sell” rating and set a $640.00 price target on shares of ServiceNow in a research report on Monday, July 8th. JMP Securities raised their target price on ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a research report on Thursday, July 25th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Tuesday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $900.00 price objective on shares of ServiceNow in a report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $849.62.

ServiceNow Trading Up 2.9 %

Shares of NOW traded up $23.73 during midday trading on Friday, reaching $855.00. The company had a trading volume of 1,916,043 shares, compared to its average volume of 1,294,300. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $857.25. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The firm has a 50 day simple moving average of $789.70 and a 200-day simple moving average of $760.16. The stock has a market cap of $175.28 billion, a PE ratio of 91.44, a price-to-earnings-growth ratio of 4.82 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.28. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. During the same period last year, the business earned $0.77 earnings per share. Research analysts forecast that ServiceNow, Inc. will post 6.84 EPS for the current fiscal year.

ServiceNow 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.