ServiceNow Sees Unusually High Options Volume (NYSE:NOW)

Posted by on May 18th, 2023

ServiceNow, Inc. (NYSE:NOW – Get Rating) was the target of unusually large options trading on Wednesday. Investors bought 14,015 call options on the company. This is an increase of 26% compared to the typical volume of 11,121 call options.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $492.92 on Thursday. The company has a market cap of $100.43 billion, a P/E ratio of 251.49, a PEG ratio of 5.37 and a beta of 1.04. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.17 and a current ratio of 1.17. ServiceNow has a one year low of $337.00 and a one year high of $521.58. The business’s 50-day simple moving average is $452.06 and its 200 day simple moving average is $428.55.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on NOW shares. BMO Capital Markets upped their price target on ServiceNow from $500.00 to $515.00 in a research note on Monday, April 24th. Sanford C. Bernstein cut their price target on ServiceNow from $641.00 to $586.00 and set an “outperform” rating for the company in a research note on Thursday, January 26th. Canaccord Genuity Group upped their price target on ServiceNow from $460.00 to $485.00 and gave the stock a “buy” rating in a research note on Thursday, January 26th. Robert W. Baird upped their price target on ServiceNow from $548.00 to $560.00 in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft upped their price target on ServiceNow from $525.00 to $545.00 in a research note on Thursday, April 27th. Two investment analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $527.43.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 1,315 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $459.75, for a total value of $604,571.25. Following the completion of the transaction, the director now directly owns 14,443 shares of the company’s stock, valued at $6,640,169.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, Director Anita M. Sands sold 1,315 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $459.75, for a total value of $604,571.25. Following the completion of the sale, the director now owns 14,443 shares in the company, valued at $6,640,169.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christopher Bedi sold 1,123 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $453.30, for a total value of $509,055.90. Following the completion of the sale, the insider now owns 15,833 shares of the company’s stock, valued at approximately $7,177,098.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,095 shares of company stock valued at $8,131,910. 0.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently modified their holdings of NOW. Norges Bank purchased a new stake in shares of ServiceNow during the 4th quarter valued at about $872,202,000. GQG Partners LLC raised its holdings in shares of ServiceNow by 63,533.9% during the 1st quarter. GQG Partners LLC now owns 1,536,122 shares of the information technology services provider’s stock valued at $713,867,000 after buying an additional 1,533,708 shares during the period. Moneta Group Investment Advisors LLC grew its stake in ServiceNow by 69,897.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock valued at $332,386,000 after purchasing an additional 854,846 shares in the last quarter. Polen Capital Management LLC increased its holdings in ServiceNow by 26.5% during the 3rd quarter. Polen Capital Management LLC now owns 3,953,299 shares of the information technology services provider’s stock worth $1,492,805,000 after purchasing an additional 827,285 shares during the last quarter. Finally, Winslow Capital Management LLC increased its holdings in ServiceNow by 135.9% during the 4th quarter. Winslow Capital Management LLC now owns 1,272,706 shares of the information technology services provider’s stock worth $494,154,000 after purchasing an additional 733,234 shares during the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

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ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. The company was founded by Frederic B.

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