Nuveen Asset Management LLC Buys 305,908 Shares of ServiceNow, Inc. (NYSE:NOW)

Nuveen Asset Management LLC grew its stake in ServiceNow, Inc. (NYSE:NOWGet Rating) by 11.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,925,155 shares of the information technology services provider’s stock after buying an additional 305,908 shares during the period. ServiceNow comprises approximately 0.6% of Nuveen Asset Management LLC’s holdings, making the stock its 29th biggest position. Nuveen Asset Management LLC’s holdings in ServiceNow were worth $1,898,748,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in ServiceNow in the 4th quarter worth approximately $400,884,000. Fisher Asset Management LLC increased its stake in shares of ServiceNow by 164.8% in the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock worth $580,778,000 after purchasing an additional 556,871 shares in the last quarter. TD Asset Management Inc. lifted its stake in shares of ServiceNow by 84.7% during the 4th quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after buying an additional 553,517 shares in the last quarter. Brown Advisory Inc. boosted its holdings in ServiceNow by 16.6% in the 4th quarter. Brown Advisory Inc. now owns 2,480,958 shares of the information technology services provider’s stock worth $1,610,414,000 after buying an additional 352,766 shares during the period. Finally, Fortis Advisors LLC bought a new position in ServiceNow in the 3rd quarter worth $249,000. 87.20% of the stock is currently owned by hedge funds and other institutional investors.

Shares of ServiceNow stock traded up $2.58 on Thursday, reaching $454.87. 1,789,125 shares of the stock were exchanged, compared to its average volume of 1,837,875. ServiceNow, Inc. has a twelve month low of $406.47 and a twelve month high of $707.60. The business has a 50 day moving average price of $500.12 and a two-hundred day moving average price of $563.50. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $91.18 billion, a price-to-earnings ratio of 413.21, a PEG ratio of 8.35 and a beta of 1.09.

ServiceNow (NYSE:NOWGet Rating) last released its quarterly earnings data on Wednesday, April 27th. The information technology services provider reported $1.73 EPS for the quarter, beating the consensus estimate of $1.70 by $0.03. ServiceNow had a net margin of 3.56% and a return on equity of 8.66%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm earned $0.50 EPS. The business’s revenue for the quarter was up 26.6% on a year-over-year basis. Research analysts forecast that ServiceNow, Inc. will post 1.8 EPS for the current year.

NOW has been the subject of several research analyst reports. Jefferies Financial Group cut their target price on ServiceNow from $700.00 to $550.00 in a research report on Monday. Bank of America dropped their target price on shares of ServiceNow from $725.00 to $680.00 and set a “buy” rating for the company in a research report on Thursday, January 27th. Morgan Stanley dropped their price objective on shares of ServiceNow to $594.00 and set a “na” rating for the company in a report on Wednesday, May 18th. Royal Bank of Canada reduced their price objective on ServiceNow from $700.00 to $660.00 and set an “outperform” rating on the stock in a research note on Monday, April 25th. Finally, Piper Sandler cut their target price on shares of ServiceNow from $650.00 to $600.00 and set an “overweight” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of “Buy” and a consensus target price of $638.59.

In related news, Director Teresa Briggs sold 932 shares of the stock in a transaction on Friday, April 29th. The shares were sold at an average price of $490.26, for a total transaction of $456,922.32. Following the sale, the director now directly owns 707 shares of the company’s stock, valued at $346,613.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul John Smith sold 412 shares of ServiceNow stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $427.17, for a total transaction of $175,994.04. Following the completion of the transaction, the insider now directly owns 1,755 shares of the company’s stock, valued at approximately $749,683.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,370 shares of company stock worth $8,436,928. 0.35% of the stock is owned by corporate insiders.

ServiceNow Company Profile (Get Rating)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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