Laffer Tengler Investments Inc. Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

by · The Markets Daily

Laffer Tengler Investments Inc. lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,753 shares of the information technology services provider’s stock after purchasing an additional 259 shares during the quarter. ServiceNow comprises approximately 1.4% of Laffer Tengler Investments Inc.’s portfolio, making the stock its 22nd biggest position. Laffer Tengler Investments Inc.’s holdings in ServiceNow were worth $6,934,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of NOW. International Assets Investment Management LLC raised its stake in shares of 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 buying an additional 1,183,739 shares in the last quarter. Swedbank AB acquired a new position in shares of ServiceNow during the 1st quarter worth $897,908,000. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after purchasing an additional 331,797 shares in the last quarter. AustralianSuper Pty Ltd purchased a new stake in ServiceNow during the second quarter worth about $218,786,000. Finally, Acadian Asset Management LLC grew its position in ServiceNow by 233.4% during the first quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after buying an additional 271,073 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on NOW shares. Sanford C. Bernstein boosted their price target on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Robert W. Baird boosted their target price on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. UBS Group upped their price target on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, Truist Financial raised their target price on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $970.33.

Read Our Latest Report on ServiceNow

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 804 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,457,924. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $2,457,924. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Edward Chamberlain sold 135 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total transaction of $110,970.00. Following the transaction, the director now owns 10,767 shares in the company, valued at approximately $8,850,474. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,343 shares of company stock valued at $2,791,181 in the last three months. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NOW stock traded up $16.02 on Monday, hitting $1,024.10. 180,390 shares of the company’s stock traded hands, compared to its average volume of 1,275,059. ServiceNow, Inc. has a 1-year low of $632.25 and a 1-year high of $1,026.00. The stock has a fifty day moving average of $912.56 and a 200-day moving average of $813.57. The stock has a market cap of $210.96 billion, a price-to-earnings ratio of 156.78, a P/E/G ratio of 5.79 and a beta of 0.98. 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 – Get Free Report) last issued its quarterly 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 firm had revenue of $2.80 billion for 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%. ServiceNow’s revenue was up 22.2% on a year-over-year basis. During the same quarter last year, the business posted $1.21 EPS. On average, analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

About ServiceNow

(Free Report)

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.

Further Reading

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