First American Trust FSB, a leading institutional investor, has recently increased its stake in ServiceNow, Inc. This information was revealed in First American Trust FSB’s Form 13F filing with the Securities and Exchange Commission for the second quarter of the year. According to the filing, the investor now holds 5,966 shares of ServiceNow, representing a 3.2% increase from the previous quarter.
The total value of First American Trust FSB’s holdings in ServiceNow amounts to a significant $3,353,000 as of the end of this reporting period. This substantial investment indicates First American Trust FSB’s confidence in the growth potential and future prospects of ServiceNow.
In other news related to ServiceNow, Chirantan Jitendra Desai, Chief Operating Officer (COO), recently sold 4,500 shares of the company’s stock on August 31st. The shares were sold at an average price of $592.10 per share, resulting in a total transaction value of $2,664,450. Following this sale, Desai currently holds 41,307 shares in ServiceNow, valued at $24,457,874.70.
This transaction was publicly disclosed through a document filed with the SEC and can be accessed via an online link provided by the Commission. It is worth noting that this is not Desai’s only recent stock sale; he also sold an additional 4,500 shares on August 31st at the same average price.
Additionally, Christopher Bedi, an insider within ServiceNow’s organization who holds the title of Insider Director according to SEC filings as well as LinkedIn records functioning as CIO effective January has conducted a stock transaction. On October 2nd Bedi sold 1,000 shares at an average price of $554.75 per share valued at $554750 adjusting his holdings accordingly.
The actions taken by these insiders reflect their assessment of ServiceNow’s current stock value and their personal investment decisions. Considering the recent transactions, insiders have sold a total of 17,192 shares, which equates to a total value of $9,721,625 within the past three months. The fact that insiders are selling some of their holdings suggests that they might be realizing profits or adjusting their portfolios for various reasons.
It is essential to note that First American Trust FSB’s increased stake in ServiceNow and the insider transactions discussed above are relevant facts for investors and market analysts. However, it is crucial to consider additional factors and conduct thorough research before making any investment decisions.
In conclusion, ServiceNow’s consistent growth and potential future prospects have attracted the attention of First American Trust FSB. Their increased ownership reflects confidence in ServiceNow as an investment opportunity. Additionally, recent insider transactions provide further insight into the evaluation of this company’s stock value by key individuals within its organization. These developments may inform investors’ decision-making processes but should be considered alongside other significant factors when evaluating potential investments.
ServiceNow Inc. Attracts Attention with Strong Investor Interest and Positive Analyst Ratings
ServiceNow, Inc. (NYSE: NOW) recently attracted the attention of several large investors as they either increased their stakes in the company or acquired new ones. Mach 1 Financial Group LLC, for instance, acquired a new stake in ServiceNow during the first quarter valued at approximately $18,589,000. Similarly, Graham Capital Wealth Management LLC purchased a new stake in shares of ServiceNow during the same period valued at around $218,418,000.
High Net Worth Advisory Group LLC also jumped on board and bought a new position in ServiceNow during the first quarter, investing about $29,000. Altshuler Shaham Ltd followed suit by acquiring a new position in shares of ServiceNow worth approximately $30,000 in the second quarter. Lastly, Barrett & Company Inc. completed this series of acquisitions by buying a new stake valuing $28,000 during the first quarter. It is notable to mention here that institutional investors and hedge funds currently own 87.14% of ServiceNow’s stock.
Equity analysts have had their say as well regarding ServiceNow’s market performance. Guggenheim raised their price objective on shares of ServiceNow from $518.00 to $657.00 and labeled the company a “buy” rating on Wednesday, July 19th.
Furthermore, StockNews.com commenced coverage on shares of ServiceNow by giving it a “buy” rating.
Another notable rating was given by Morgan Stanley who raised its price objective on shares of ServiceNow from $586.00 to $630.00 on Thursday, July 27th.
Bank of America did not want to be left behind and upped their target price for ServiceNow from $600.00 to an impressive $700.00 in yet another research report released on Wednesday, July 19th.
Lastly, Stifel Nicolaus reconfirmed its “buy” rating and set a hefty price target of $640.00 on shares of ServiceNow, which is impressive considering the company’s potential.
Analysts have given serviceNow an average rating of “Moderate Buy” with a consensus price target of $594.79 according to data from Bloomberg.com.
In terms of trading activity, Shares of NYSE:NOW recently traded at a price of $560.72 during mid-day trading on Friday. A total of 1,181,670 shares were exchanged, as compared to its average volume of 981,960 shares.
With a market capitalization standing at an impressive $114.24 billion, ServiceNow holds its place as one of the leaders in the technology services industry. The company’s stock has fluctuated between a low of $337.00 and a high of $614.36 over the past twelve months.
Furthermore, ServiceNow maintains a healthy financial position with a debt-to-equity ratio of 0.21 and quick and current ratios both at 1.14 respectively.
ServiceNow last announced its earnings results on Wednesday, July 26th where it pleasantly surprised investors by reporting earnings per share (EPS) of $0.77 for the quarter compared to the consensus estimate of $0.43 EPS – surpassing expectations by an impressive $0.34.
Moreover, ServiceNow generated revenue amounting to approximately $2.15 billion for the same quarter – slightly higher than analysts’ expectations which stood at around $2.13 billion.
As we look ahead into the fiscal year, research analysts anticipate that ServiceNow will likely post EPS figures around 3.59 based on previous trends and performances.
Overall, it is clear that ServiceNow Inc., with its strong financial positioning and positive feedback from analysts and investors alike, remains poised for further growth and success within the information technology services sector