Teca Partners LP Buys 1,318 Shares of ServiceNow, Inc. (NYSE:NOW)

Teca Partners LP increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 13.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,993 shares of the information technology services provider’s stock after purchasing an additional 1,318 shares during the quarter. ServiceNow makes up about 6.0% of Teca Partners LP’s portfolio, making the stock its 8th largest holding. Teca Partners LP’s holdings in ServiceNow were worth $8,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Swedbank AB acquired a new stake in shares of ServiceNow during the first quarter valued at about $897,908,000. Global Assets Advisory LLC acquired a new stake in ServiceNow during the 1st quarter worth approximately $403,034,000. Vanguard Group Inc. grew its holdings in ServiceNow by 1.8% during 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 acquiring an additional 331,797 shares during the last quarter. AustralianSuper Pty Ltd acquired a new position in ServiceNow in the 2nd quarter valued at approximately $218,786,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of 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 last quarter. Institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other news, insider Paul John Smith sold 187 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now owns 3,779 shares in the company, valued at $3,006,496.82. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul John Smith sold 187 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the sale, the insider now directly owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The disclosure for this sale can be found here. Insiders have sold 6,914 shares of company stock valued at $5,608,936 in the last three months. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on NOW. Truist Financial increased their price objective on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Royal Bank of Canada raised their price objective on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft upped their target price on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Piper Sandler raised their price target on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, KeyCorp reduced their price objective on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $855.44.

ServiceNow Trading Up 2.0 %

NOW opened at $937.36 on Friday. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $940.12. The firm has a market capitalization of $192.16 billion, a PE ratio of 100.25, a P/E/G ratio of 5.25 and a beta of 0.98. 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’s 50-day moving average is $822.56 and its 200 day moving average is $771.44.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.77 earnings per share. As a group, research analysts predict that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal 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.