Vaughan Nelson Investment Management L.P. Invests $125.92 Million in ServiceNow, Inc. (NYSE:NOW)

Vaughan Nelson Investment Management L.P. acquired a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 160,065 shares of the information technology services provider’s stock, valued at approximately $125,916,000. ServiceNow comprises 1.2% of Vaughan Nelson Investment Management L.P.’s holdings, making the stock its 24th largest position.

A number of other hedge funds have also recently bought and sold shares of NOW. Vanguard Group Inc. boosted its stake in 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 worth $14,066,715,000 after buying an additional 331,797 shares during the last quarter. Jennison Associates LLC increased its position in ServiceNow by 2.2% during the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after purchasing an additional 53,719 shares during the last quarter. Norges Bank purchased a new position in ServiceNow during the fourth quarter worth approximately $1,648,259,000. Massachusetts Financial Services Co. MA raised its stake in ServiceNow by 3.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after purchasing an additional 81,028 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in ServiceNow by 18.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after acquiring an additional 271,153 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other news, insider Kevin Thomas Mcbride sold 100 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $825.00, for a total transaction of $82,500.00. Following the completion of the transaction, the insider now directly owns 2,994 shares of the company’s stock, valued at $2,470,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Nicholas Tzitzon sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $690.99, for a total value of $1,381,980.00. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $2,521,422.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kevin Thomas Mcbride sold 100 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $825.00, for a total value of $82,500.00. Following the transaction, the insider now owns 2,994 shares of the company’s stock, valued at approximately $2,470,050. The disclosure for this sale can be found here. Insiders sold a total of 10,178 shares of company stock valued at $7,760,105 in the last quarter. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 0.5 %

NYSE:NOW traded down $4.55 during mid-day trading on Friday, reaching $827.56. The stock had a trading volume of 835,507 shares, compared to its average volume of 1,322,462. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $169.65 billion, a price-to-earnings ratio of 88.51, a price-to-earnings-growth ratio of 4.82 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $850.33. The stock’s 50 day simple moving average is $770.45 and its two-hundred day simple moving average is $757.21.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the firm earned $0.77 EPS. The business’s revenue was up 22.2% on a year-over-year basis. Equities analysts anticipate that ServiceNow, Inc. will post 6.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NOW. Citigroup lifted their price objective on ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Truist Financial lifted their price target on shares of ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. TD Cowen increased their price objective on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Stifel Nicolaus increased their price target on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $849.62.

About ServiceNow

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.