Eastern Bank Acquires 20,709 Shares of ServiceNow, Inc. (NYSE:NOW)

Eastern Bank raised its holdings in ServiceNow, Inc. (NYSE:NOWGet Rating) by 2,655.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,489 shares of the information technology services provider’s stock after acquiring an additional 20,709 shares during the quarter. Eastern Bank’s holdings in ServiceNow were worth $11,967,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Chilton Capital Management LLC bought a new position in ServiceNow in the 4th quarter valued at $25,000. AHL Investment Management Inc. bought a new position in shares of ServiceNow during the 4th quarter worth $35,000. Lee Financial Co grew its position in shares of ServiceNow by 671.4% during the 4th quarter. Lee Financial Co now owns 54 shares of the information technology services provider’s stock worth $35,000 after buying an additional 47 shares in the last quarter. Delos Wealth Advisors LLC bought a new position in shares of ServiceNow during the 4th quarter worth $40,000. Finally, Maryland Capital Advisors Inc. bought a new position in shares of ServiceNow during the 4th quarter worth $53,000. 87.20% of the stock is currently owned by institutional investors.

Shares of NOW stock traded up $2.02 during mid-day trading on Friday, hitting $477.54. 47,925 shares of the company’s stock were exchanged, compared to its average volume of 1,779,500. ServiceNow, Inc. has a fifty-two week low of $406.47 and a fifty-two week high of $707.60. The stock has a 50-day simple moving average of $463.10 and a two-hundred day simple moving average of $530.07. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.37. The stock has a market cap of $95.73 billion, a price-to-earnings ratio of 429.55, a PEG ratio of 10.22 and a beta of 1.09.

ServiceNow (NYSE:NOWGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The information technology services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.13. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the firm earned $0.50 earnings per share. The business’s revenue was up 26.6% on a year-over-year basis. As a group, analysts anticipate that ServiceNow, Inc. will post 1.73 earnings per share for the current fiscal year.

In related news, CFO Gina Mastantuono sold 193 shares of the stock in a transaction on Tuesday, April 12th. The stock was sold at an average price of $525.00, for a total value of $101,325.00. Following the transaction, the chief financial officer now directly owns 4,011 shares of the company’s stock, valued at approximately $2,105,775. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul John Smith sold 412 shares of the stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $427.17, for a total value of $175,994.04. Following the completion of the transaction, the insider now directly owns 1,755 shares in the company, valued at $749,683.35. The disclosure for this sale can be found here. Insiders sold a total of 17,770 shares of company stock worth $8,999,332 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.

NOW has been the topic of a number of recent research reports. Cowen dropped their price target on ServiceNow from $725.00 to $695.00 in a research report on Thursday, April 28th. BNP Paribas downgraded ServiceNow from a “neutral” rating to an “underperform” rating and set a $460.00 price objective on the stock. in a research report on Tuesday, March 29th. KeyCorp dropped their price objective on ServiceNow from $692.00 to $613.00 and set an “overweight” rating on the stock in a research report on Monday, April 25th. Citigroup raised their price objective on ServiceNow from $623.00 to $656.00 in a research report on Thursday, April 28th. Finally, Mizuho dropped their price objective on ServiceNow from $650.00 to $550.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $640.70.

ServiceNow Profile (Get Rating)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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