Zacks Investment Management Purchases 31,762 Shares of ServiceNow, Inc. (NYSE:NOW)

Zacks Investment Management lifted its holdings in ServiceNow, Inc. (NYSE:NOW) by 1,855.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,474 shares of the information technology services provider’s stock after purchasing an additional 31,762 shares during the period. Zacks Investment Management’s holdings in ServiceNow were worth $29,939,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in NOW. Zurich Insurance Group Ltd FI grew its holdings in ServiceNow by 17.0% in the 3rd quarter. Zurich Insurance Group Ltd FI now owns 76,659 shares of the information technology services provider’s stock valued at $68,563,000 after buying an additional 11,145 shares during the last quarter. DF Dent & Co. Inc. boosted its position in shares of ServiceNow by 80.5% in the third quarter. DF Dent & Co. Inc. now owns 25,307 shares of the information technology services provider’s stock valued at $22,634,000 after acquiring an additional 11,289 shares during the period. Goldstream Capital Management Ltd acquired a new stake in shares of ServiceNow in the third quarter worth $1,461,000. EP Wealth Advisors LLC increased its position in ServiceNow by 53.1% during the third quarter. EP Wealth Advisors LLC now owns 3,377 shares of the information technology services provider’s stock worth $3,020,000 after acquiring an additional 1,171 shares during the period. Finally, Insigneo Advisory Services LLC raised its stake in ServiceNow by 1.0% during the 3rd quarter. Insigneo Advisory Services LLC now owns 2,418 shares of the information technology services provider’s stock valued at $2,163,000 after purchasing an additional 25 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $1,124.34 on Friday. The business has a fifty day moving average of $977.66 and a 200-day moving average of $855.37. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,137.00. The firm has a market cap of $231.61 billion, a PE ratio of 174.86, a price-to-earnings-growth ratio of 6.45 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating 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 firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the company posted $1.21 EPS. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, equities research analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anita M. Sands sold 2,229 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,629 shares of company stock valued at $20,861,626 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Jefferies Financial Group lifted their target price on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Citigroup upped their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. BMO Capital Markets lifted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Finally, Sanford C. Bernstein upped their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,011.26.

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.