abrdn plc Grows Position in ServiceNow, Inc. (NYSE:NOW)

abrdn plc boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 27.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 206,842 shares of the information technology services provider’s stock after purchasing an additional 44,795 shares during the quarter. abrdn plc’s holdings in ServiceNow were worth $146,132,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of NOW. PFG Private Wealth Management LLC purchased a new stake in ServiceNow during the third quarter worth approximately $28,000. First Capital Advisors Group LLC. purchased a new stake in ServiceNow during the second quarter worth approximately $29,000. High Net Worth Advisory Group LLC purchased a new stake in ServiceNow during the first quarter worth approximately $29,000. AdvisorNet Financial Inc grew its stake in ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after buying an additional 32 shares during the period. Finally, Steward Financial Group LLC grew its stake in ServiceNow by 125.0% during the third quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock worth $35,000 after buying an additional 35 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on NOW. BMO Capital Markets boosted their price objective on shares of ServiceNow from $630.00 to $850.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Oppenheimer boosted their price objective on shares of ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. JMP Securities upped their target price on shares of ServiceNow from $665.00 to $825.00 and gave the company a “market outperform” rating in a research note on Monday, January 22nd. Robert W. Baird upped their target price on shares of ServiceNow from $780.00 to $870.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Finally, Piper Sandler upped their target price on shares of ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research note on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $780.37.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $17.45 on Friday, reaching $713.91. 1,540,609 shares of the company’s stock were exchanged, compared to its average volume of 874,337. The firm has a market capitalization of $146.62 billion, a price-to-earnings ratio of 84.89, a PEG ratio of 4.62 and a beta of 0.97. ServiceNow, Inc. has a fifty-two week low of $427.68 and a fifty-two week high of $815.32. The business’s 50-day moving average is $764.19 and its two-hundred day moving average is $701.74. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The firm’s revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 earnings per share. As a group, equities research analysts forecast that ServiceNow, Inc. will post 6.16 EPS for the current year.

Insider Buying and Selling

In related news, insider Paul John Smith sold 5,159 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the sale, the insider now owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Paul John Smith sold 5,159 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the sale, the insider now owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock valued at $9,940,303 in the last quarter. Company 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.