Prospera Private Wealth LLC Increases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Prospera Private Wealth LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 537.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,161 shares of the information technology services provider’s stock after buying an additional 1,822 shares during the period. Prospera Private Wealth LLC’s holdings in ServiceNow were worth $1,933,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NOW. International Assets Investment Management LLC boosted its stake in ServiceNow by 89,137.0% during the 3rd 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 during the last quarter. Swedbank AB purchased a new position in shares of ServiceNow in the first quarter worth about $897,908,000. AustralianSuper Pty Ltd acquired a new position in ServiceNow during the second quarter worth about $218,786,000. Canada Pension Plan Investment Board grew its stake 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 in the last quarter. Finally, abrdn plc raised its holdings in ServiceNow by 110.2% in the 3rd quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock valued at $392,477,000 after acquiring an additional 231,900 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 1.7 %

ServiceNow stock opened at $1,022.19 on Wednesday. The company has a market capitalization of $210.57 billion, a P/E ratio of 158.97, a PEG ratio of 5.80 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. The stock has a 50-day simple moving average of $938.70 and a 200-day simple moving average of $829.46.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during 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 firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.21 earnings per share. Equities research analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of analyst reports. Royal Bank of Canada upped their price target on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Barclays boosted their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Mizuho raised their price objective on shares of ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $986.39.

Insiders Place Their Bets

In related news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,027,502.32. This trade represents a 33.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,373 shares of company stock valued at $7,139,335. Insiders own 0.25% of the company’s stock.

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.