Insight Holdings Group LLC Invests $3.31 Million in ServiceNow, Inc. (NYSE:NOW)

Insight Holdings Group LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,700 shares of the information technology services provider’s stock, valued at approximately $3,309,000. ServiceNow makes up approximately 0.1% of Insight Holdings Group LLC’s investment portfolio, making the stock its 22nd largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 28 shares during the period. Truvestments Capital LLC purchased a new position in shares of ServiceNow in the third quarter worth about $30,000. Ridgewood Investments LLC acquired a new position in shares of ServiceNow in the second quarter valued at approximately $32,000. DT Investment Partners LLC boosted its stake in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the period. Finally, American Capital Advisory LLC purchased a new position in shares of ServiceNow in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Down 0.1 %

ServiceNow stock traded down $1.01 during mid-day trading on Tuesday, reaching $1,048.43. The stock had a trading volume of 1,056,991 shares, compared to its average volume of 1,172,692. The firm has a market capitalization of $215.98 billion, a PE ratio of 163.05, a price-to-earnings-growth ratio of 6.02 and a beta of 0.99. The stock’s 50-day simple moving average is $963.10 and its 200-day simple moving average is $847.50. 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 $1,072.84.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 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 firm’s revenue was up 22.2% on a year-over-year basis. During the same quarter last year, the business posted $1.21 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This trade represents a 10.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,329 shares of company stock worth $20,547,241. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research reports. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Royal Bank of Canada increased their target price on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial raised their target price on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. UBS Group upped their target price on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Needham & Company LLC raised their price objective on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research report on Monday, November 25th. 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 stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $994.43.

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.