MassMutual Private Wealth & Trust FSB Increases Stake in ServiceNow, Inc. $NOW

MassMutual Private Wealth & Trust FSB grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 28.5% in the second quarter, Holdings Channel reports. The institutional investor owned 22,716 shares of the information technology services provider’s stock after buying an additional 5,035 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in ServiceNow were worth $23,354,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in NOW. GAMMA Investing LLC increased its holdings in shares of ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Nuveen LLC purchased a new position in shares of ServiceNow in the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Finally, Parnassus Investments LLC purchased a new position in shares of ServiceNow in the 1st quarter valued at about $519,806,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. Bank of America increased their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Piper Sandler raised their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Morgan Stanley restated an “equal weight” rating on shares of ServiceNow in a report on Tuesday, July 8th. DA Davidson raised their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Finally, Citigroup raised their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,115.20.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 in the last three months. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Up 2.1%

NYSE NOW opened at $948.28 on Tuesday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company’s 50 day moving average price is $925.62 and its 200 day moving average price is $922.47. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $197.24 billion, a price-to-earnings ratio of 119.43, a PEG ratio of 4.18 and a beta of 0.91.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. ServiceNow’s revenue for the quarter was up 22.4% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.