BlackRock Fund Advisors recently announced the acquisition of new stake in ServiceNow Inc. (NYSE:NOW). The institutional investor has increased its shareholding in the Technology company by 4.06% to 9.37 million shares with purchase of 0.37 million shares. This fresh investment now brings its stake to 4.92% valued currently at $3.8 billion. In addition, Capital Research & Management Co. raised its holdings by 1.19 million to 5.01 million shares. And Morgan Stanley Asia Ltd. has lifted its position by 0.68% or 22029.0 shares – to 3.25 million shares.
With over 1.03 million ServiceNow Inc. (NOW) shares trading Tuesday and a closing price of $435.04 on the day, the dollar volume was approximately $449.22 million. The shares have shown a negative weekly performance of -0.50% and its price on 07/28/20 gained nearly 0.28%. Currently, there are 190.16M common shares owned by the public and among those 188.74M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 35 analysts who have offered their price forecasts for NOW have a consensus price objective of $426.74. The analysts have set the share’s price value over the next 12 months at a high of $538.00 and a low of $165.00 should the stock experience a downside. Incidentally, analysts’ outlook for the ServiceNow Inc. stock is 1.90 for the next 12 months. The average price target is -3.6% below its last price level and a downside to the estimated low will see the stock lose -163.66% over that period. But an upside of 19.14% will see the stock hit the forecast high price target while mean target price for the stock is $445.00.
Insiders at the company have transacted a total of 505 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 126 of these insider trades were purchases, accounting for 659,187 shares. Insider sales of the common stock occurred on 379 occasions, with total insider shares sold totaling 1,186,952 shares.
The top 3 mutual fund holders in ServiceNow Inc. are Vanguard Total Stock Market Index, T Rowe Price Blue Chip Growth Fun, and American Funds Growth Fund of Ame. Vanguard Total Stock Market Index owns 5.43 million shares of the company’s stock, all valued at over $2.2 billion. The company sold 4064.0 shares recently to bring their total holdings to about 2.85% of the shares outstanding. T Rowe Price Blue Chip Growth Fun bought 2929.0 shares to see its total holdings expand to 4.71 million shares valued at over $1.91 billion and representing 2.47% of the shares outstanding. American Funds Growth Fund of Ame bought 0.14 million shares to bring its total holdings to over 4.61 million shares at a value of $1.87 billion. American Funds Growth Fund of Ame now owns shares totaling to 2.42% of the shares outstanding.
Shares of ServiceNow Inc. (NYSE: NOW) opened at $435.00, up $1.19 from a prior closing price of $433.81. However, the script later closed the day at $435.04, up 0.28%. The company’s stock has a 5-day price change of -0.50% and 46.97% over the past three months. NOW shares are trading 54.09% year to date (YTD), with the 12-month market performance up to 52.20% higher. It has a 12-month low price of $213.99 and touched a high of $454.70 over the same period. Currently, 1.03 million shares have been traded, compared to an average intraday trading volume of 1.92 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.27%, 8.26%, and 35.32% respectively.
Institutional ownership of ServiceNow Inc. (NYSE: NOW) shares accounts for 95.70% of the company’s 190.16M shares outstanding. Mutual fund holders own 40.68%, while other institutional holders and individual stakeholders account for 54.05% and 10.10% respectively.
It has a market capitalization of $84.07B and a beta (3y monthly) value of 1.34. The stock’s trailing 12-month PE ratio is 127.92, while the earnings-per-share (ttm) stands at $3.40. The company has a PEG of 4.72 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.14% over the week and 3.60% over the month.
Analysts forecast that ServiceNow Inc. (NOW) will achieve an EPS of $1.01 for the current quarter, $1.08 for the next quarter and $5.36 for 2021. The lowest estimate earnings-per-share for the quarter is $0.9 while analysts give the company a high EPS estimate of $1.06. Comparatively, EPS for the current quarter was $0.71 a year ago. Earnings per share for the fiscal year are expected to increase by 27.40%, and 26.55% over the next financial year. EPS should shrink at an annualized rate of 27.09% over the next five years, compared to 35.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 35 brokerage firm advisors rate ServiceNow Inc. (NOW) as a “Strong Buy” at a consensus score of 1.90. Specifically, 26 Wall Street analysts polled rate the stock as a buy, while 6 of the 35 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the NOW, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on June 23, 2020, with the firm’s price target at $375-$465. Piper Sandler coverage for the ServiceNow Inc. (NOW) stock in a research note released on April 30, 2020 offered a Neutral rating with a price target of $360. Robert W. Baird was of a view on April 02, 2020 that the stock is Neutral, while Mizuho gave the stock Buy rating on March 26, 2020, issuing a price target of $325. Wells Fargo on their part issued Overweight rating on March 24, 2020.