Brown Brothers Harriman & Co. Raises Position in ServiceNow, Inc. (NYSE:NOW)

Brown Brothers Harriman & Co. increased its stake in ServiceNow, Inc. (NYSE:NOW) by 104.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,113 shares of the information technology services provider’s stock after purchasing an additional 569 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in ServiceNow were worth $995,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC increased its stake in shares of ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Swedbank AB bought a new position in ServiceNow in the 1st quarter worth approximately $897,908,000. AustralianSuper Pty Ltd purchased a new position in ServiceNow in the 2nd quarter valued at approximately $218,786,000. Canada Pension Plan Investment Board raised its holdings in ServiceNow by 59.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock valued at $500,258,000 after acquiring an additional 237,086 shares during the period. Finally, abrdn plc lifted its position in shares of ServiceNow by 110.2% during the third quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock worth $392,477,000 after acquiring an additional 231,900 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 1.6 %

NOW opened at $1,070.07 on Wednesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,072.84. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $955.40 and its 200-day moving average price is $841.01. The company has a market cap of $220.43 billion, a P/E ratio of 166.42, a P/E/G ratio of 6.04 and a beta of 0.98.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.21 EPS. On average, equities analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now owns 3,027 shares in the company, valued at $2,799,853.92. The trade was a 10.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,787 shares of company stock valued at $17,841,028 over the last three months. 0.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Wells Fargo & Company upped their price target on ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th. Oppenheimer raised their price objective on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Scotiabank began coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. Finally, UBS Group raised their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $989.07.

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.