E Fund Management Hong Kong Co. Ltd. Invests $266,000 in ServiceNow, Inc. $NOW

E Fund Management Hong Kong Co. Ltd. bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 259 shares of the information technology services provider’s stock, valued at approximately $266,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock valued at $15,522,335,000 after buying an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in ServiceNow by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock valued at $2,263,519,000 after purchasing an additional 188,292 shares during the last quarter. Nuveen LLC bought a new position in ServiceNow in the first quarter valued at about $1,817,535,000. Alliancebernstein L.P. raised its position in shares of ServiceNow by 16.2% during the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider’s stock worth $1,379,461,000 after acquiring an additional 242,132 shares during the last quarter. Finally, Amundi raised its position in shares of ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after acquiring an additional 626,623 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on NOW shares. Erste Group Bank restated a “hold” rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Raymond James Financial lifted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Citigroup raised their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Oppenheimer reissued an “outperform” rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,122.20.

ServiceNow Stock Up 1.1%

Shares of NYSE:NOW opened at $914.15 on Thursday. The stock has a market cap of $190.14 billion, a price-to-earnings ratio of 115.13, a PEG ratio of 4.07 and a beta of 0.92. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The business’s 50 day moving average is $910.23 and its 200 day moving average is $930.97.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.13 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anita M. Sands sold 1,097 shares of ServiceNow stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the sale, the director owned 9,307 shares in the company, valued at $8,516,928.77. This trade represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock valued at $16,798,825 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

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.