Polymer Capital Management HK LTD Acquires 981 Shares of ServiceNow, Inc. (NYSE:NOW)

Polymer Capital Management HK LTD lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 57.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,701 shares of the information technology services provider’s stock after acquiring an additional 981 shares during the period. Polymer Capital Management HK LTD’s holdings in ServiceNow were worth $2,416,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. FMR LLC increased its holdings in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after purchasing an additional 502,845 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in ServiceNow by 4.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,566,949 shares of the information technology services provider’s stock valued at $2,295,854,000 after acquiring an additional 112,380 shares during the period. Fisher Asset Management LLC raised its holdings in ServiceNow by 3.5% in the 3rd quarter. Fisher Asset Management LLC now owns 1,662,968 shares of the information technology services provider’s stock valued at $1,487,343,000 after acquiring an additional 56,830 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of ServiceNow by 11.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,620,298 shares of the information technology services provider’s stock worth $1,449,178,000 after acquiring an additional 167,847 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of ServiceNow by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after purchasing an additional 34,855 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the sale, the director now directly owns 10,467 shares of the company’s stock, valued at approximately $10,968,892.65. This represents a 2.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,629 shares of company stock worth $20,861,626. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. TD Cowen raised their target price on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Mizuho increased their price target on shares of ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. BMO Capital Markets lifted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Finally, Truist Financial increased their target price on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $999.07.

ServiceNow Stock Performance

NOW stock opened at $1,056.62 on Wednesday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,072.84. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The company has a market cap of $217.66 billion, a P/E ratio of 164.33, a price-to-earnings-growth ratio of 6.02 and a beta of 0.99. The business’s fifty day moving average is $968.22 and its 200-day moving average is $851.60.

ServiceNow (NYSE:NOW) last posted 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. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.21 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current year.

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.