Service Now (NOW) with a rare, large open market buy from a director this week with Dennis Woodside buying 2,861 shares at $694.58, a more than $1.98M buy. This is the first insider purchase in the name since 2019. Shares have traded well in 2021 with shares up 23.5% and just 4% off of new 52-week highs. NOW is flagging around the rising 50-MA and recent range breakout targets a run to $780. The $137B company trades 22.8X EV/sales with mid-30% revenue growth and EBITDA growth of 35%. NOW is benefitting from heightened spending around digital transformation with their ‘Now Platform’ enabling better IT workflows, engagement among employees, and customer connections. The company is expanding their customer base with growth in verticals like transportation, logistics, business services, and TMT. Analysts have an average target for shares of $725 with a Street High $820. Deutsche Bank starting coverage at Buy on 11/1 positive on the company’s position that spans front- to back-office workflows with leading IT service management, stating that ServiceNow is uniquely positioned to benefit from trillions of dollars of digital transformation spend over the next several years. Needham raising their target to $780 recently noting that Q3 earnings beat and Q4 guide are encouraging, suggesting that billings growth accelerated to about 32% rate on a normalized basis. ServiceNow should further benefit from strong secular trends which include accelerating spending on digital transformation projects and solutions that digitize manual workflows across disparate systems. Short interest is 1.7%. Hedge fund ownership fell less than 1%. Lone Pine Capital a buyer of 990K shares and Viking Global adding another 540K shares.