Y Intercept Hong Kong Ltd Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Y Intercept Hong Kong Ltd acquired a new stake in ServiceNow, Inc. (NYSE:NOW) during the third quarter, Holdings Channel reports. The institutional investor acquired 616 shares of the information technology services provider’s stock, valued at approximately $551,000.

Several other institutional investors have also recently modified their holdings of NOW. Hennion & Walsh Asset Management Inc. boosted its holdings in ServiceNow by 62.8% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,889 shares of the information technology services provider’s stock valued at $3,059,000 after purchasing an additional 1,500 shares during the last quarter. Apollon Wealth Management LLC boosted its stake in shares of ServiceNow by 1.3% in the second quarter. Apollon Wealth Management LLC now owns 2,660 shares of the information technology services provider’s stock worth $2,093,000 after buying an additional 33 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in ServiceNow by 5.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 84,180 shares of the information technology services provider’s stock worth $66,222,000 after acquiring an additional 4,624 shares during the period. First Citizens Bank & Trust Co. raised its position in ServiceNow by 12.0% during the second quarter. First Citizens Bank & Trust Co. now owns 896 shares of the information technology services provider’s stock valued at $705,000 after acquiring an additional 96 shares in the last quarter. Finally, Focus Financial Network Inc. lifted its holdings in ServiceNow by 5.4% in the second quarter. Focus Financial Network Inc. now owns 13,158 shares of the information technology services provider’s stock valued at $9,685,000 after acquiring an additional 678 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 81 shares of ServiceNow stock in a transaction on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $82,339.74. Following the sale, the general counsel now owns 6,843 shares in the company, valued at $6,956,183.22. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is currently owned by insiders.

ServiceNow Stock Down 2.4 %

NOW stock opened at $1,121.10 on Monday. The company has a market cap of $230.95 billion, a price-to-earnings ratio of 174.35, a PEG ratio of 6.58 and a beta of 0.99. The firm has a 50-day moving average of $1,006.82 and a two-hundred day moving average of $872.87. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,157.90. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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 firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.21 earnings per share. As a group, analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NOW. Scotiabank initiated 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 for the company. Truist Financial lifted their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday. UBS Group increased their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Oppenheimer lifted their price target on ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,034.96.

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.