SouthState Corp Acquires 274 Shares of ServiceNow, Inc. (NYSE:NOW)

SouthState Corp boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 1.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 20,043 shares of the information technology services provider’s stock after purchasing an additional 274 shares during the period. ServiceNow accounts for approximately 1.2% of SouthState Corp’s portfolio, making the stock its 26th largest position. SouthState Corp’s holdings in ServiceNow were worth $17,926,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in NOW. Quent Capital LLC increased its position in ServiceNow by 4.1% in the 1st quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock worth $587,000 after buying an additional 30 shares during the period. Edgestream Partners L.P. bought a new position in ServiceNow in the 1st quarter worth approximately $210,000. Bahl & Gaynor Inc. increased its position in ServiceNow by 71.9% in the 1st quarter. Bahl & Gaynor Inc. now owns 806 shares of the information technology services provider’s stock worth $614,000 after buying an additional 337 shares during the period. Seven Eight Capital LP grew its holdings in shares of ServiceNow by 9.4% during the 1st quarter. Seven Eight Capital LP now owns 1,222 shares of the information technology services provider’s stock worth $932,000 after purchasing an additional 105 shares in the last quarter. Finally, Lake Street Advisors Group LLC grew its holdings in shares of ServiceNow by 97.2% during the 1st quarter. Lake Street Advisors Group LLC now owns 2,021 shares of the information technology services provider’s stock worth $1,540,000 after purchasing an additional 996 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on NOW shares. JPMorgan Chase & Co. lifted their price objective on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. TD Cowen lifted their price objective on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a report on Monday, October 21st. KeyCorp lifted their price objective on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Truist Financial lifted their price objective on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $983.18.

ServiceNow Price Performance

ServiceNow stock opened at $1,004.53 on Tuesday. The firm has a market cap of $206.93 billion, a P/E ratio of 156.23, a P/E/G ratio of 5.80 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,061.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The business’s fifty day moving average is $935.45 and its two-hundred day moving average is $827.30.

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

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were 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 $43,740,630.40. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,231 shares of company stock worth $4,947,292 over the last 90 days. 0.25% of the stock is owned by insiders.

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.