The Vanguard Group, Inc. recently announced the acquisition of new stake in ServiceNow Inc (NYSE:NOW). The institutional investor has increased its shareholding in the Technology company by 0.67% to 16.89 million shares with purchase of 0.11 million shares. This fresh investment now brings its stake to 8.24% valued currently at $11.59 billion. In addition, Geode Capital Management LLC raised its holdings by 86692.0 to 3.79 million shares. And Fidelity Management & Research Co has lifted its position by 18.91% or 0.58 million shares – to 3.66 million shares.
With over 0.49 million ServiceNow Inc (NOW) shares trading Friday and a closing price of $697.55 on the day, the dollar volume was approximately $342.34 million. The shares have shown a positive half year performance of 29.66% and its price on 12/22/23 lost nearly -0.46%. Currently, there are 205.00M common shares owned by the public and among those 203.92M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 37 analysts who have offered their price forecasts for NOW have a consensus price objective of $688.18. The analysts have set the share’s price value over the next 12 months at a high of $820.00 and a low of $545.00. The average price target is -1.36% below its recent price level and a downside to the estimated low will see the stock lose -27.99% over that period. But an upside of 14.93% will see the stock hit the forecast high price target while median target price for the stock is $670.00.
Insiders at the company have transacted a total of 456 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 197 of these insider trades were purchases, accounting for 183,545 shares. Insider sales of the common stock occurred on 259 occasions, with total insider shares sold totaling 215,960 shares.
The top 3 mutual fund holders in ServiceNow Inc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and American Funds Growth Fund of Ame. Vanguard Total Stock Market ETF owns 6.39 million shares of the company’s stock, all valued at over $4.38 billion. The company bought an additional 7696.0 shares recently to bring their total holdings to about 3.12% of the shares outstanding. Vanguard 500 Index Fund bought 23626.0 shares to see its total holdings expand to 4.93 million shares valued at over $3.38 billion and representing 2.40% of the shares outstanding. American Funds Growth Fund of Ame sold 9670.0 shares to bring its total holdings to over 2.89 million shares at a value of $1.98 billion. American Funds Growth Fund of Ame now owns shares totaling to 1.41% of the shares outstanding.
Shares of ServiceNow Inc (NYSE: NOW) opened at $703.85, up $3.09 from a prior closing price of $700.76. However, the script later moved the day high at 703.42, down -0.46%. The company’s stock has a 5-day price change of -0.10% and 24.68% over the past three months. NOW shares are trading 79.66% year to date (YTD), with the 12-month market performance up to 77.99% higher. It has a 12-month low price of $353.62 and touched a high of $720.68 over the same period. NOW has an average intraday trading volume of 1.24 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 0.83%, 9.82%, and 26.25% respectively.
Institutional ownership of ServiceNow Inc (NYSE: NOW) shares accounts for 88.66% of the company’s 205.00M shares outstanding. Mutual fund holders own 51.74%, while other institutional holders and individual stakeholders account for 9.21% and 37.71% respectively.
It has a market capitalization of $143.00B and a beta (3y monthly) value of 1.05. The stock’s trailing 12-month PE ratio is 90.23, while the earnings-per-share (ttm) stands at $7.73. The company has a PEG of 3.38 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.31. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.67% over the week and 1.86% over the month.
Analysts forecast that ServiceNow Inc (NOW) will achieve an EPS of $2.79 for the current quarter, $2.87 for the next quarter and $12.72 for 2024. The lowest estimate earnings-per-share for the quarter is $2.41 while analysts give the company a high EPS estimate of $2.98. Comparatively, EPS for the current quarter was $2.28 a year ago. Earnings per share for the fiscal year are expected to increase by 37.75%, and 21.38% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 37 brokerage firm advisors rate ServiceNow Inc (NOW) as a “Strong Buy” at a consensus score of 1.27. Specifically, 30 Wall Street analysts polled rate the stock as a buy, while 3 of the 37 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NOW, a number of firms have released research notes about the stock. HSBC Securities stated their Buy rating for the stock in a research note on September 15, 2023, with the firm’s price target at $704.
