UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Position in ServiceNow, Inc. (NYSE:NOW)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 4.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,566,949 shares of the information technology services provider’s stock after purchasing an additional 112,380 shares during the period. ServiceNow accounts for 0.6% of UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s portfolio, making the stock its 23rd largest position. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in ServiceNow were worth $2,295,854,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Public Sector Pension Investment Board increased its position in ServiceNow by 15.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 9,084 shares of the information technology services provider’s stock valued at $8,125,000 after buying an additional 1,200 shares in the last quarter. Fiduciary Trust Co grew its stake in shares of ServiceNow by 23.2% in the third quarter. Fiduciary Trust Co now owns 5,557 shares of the information technology services provider’s stock worth $4,970,000 after acquiring an additional 1,047 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of ServiceNow by 14.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 121,275 shares of the information technology services provider’s stock valued at $108,467,000 after acquiring an additional 15,133 shares in the last quarter. MayTech Global Investments LLC raised its position in shares of ServiceNow by 17.2% in the 3rd quarter. MayTech Global Investments LLC now owns 45,791 shares of the information technology services provider’s stock worth $40,955,000 after purchasing an additional 6,713 shares during the last quarter. Finally, CreativeOne Wealth LLC bought a new position in ServiceNow in the 3rd quarter worth about $1,071,000. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NOW. Royal Bank of Canada raised their price objective on shares of ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Robert W. Baird raised their price target on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial upped their price objective on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Piper Sandler lifted their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Scotiabank began coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $989.07.

Insider Activity

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,329 shares of company stock worth $20,547,241 in the last three months. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $1,041.42 on Thursday. The business has a 50-day simple moving average of $958.40 and a two-hundred day simple moving average of $842.41. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,072.84. The stock has a market cap of $214.53 billion, a price-to-earnings ratio of 161.96, a PEG ratio of 6.04 and a beta of 0.98.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the firm posted $1.21 EPS. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

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.