Cambridge Investment Research Advisors Inc. purchased a new position in ServiceNow Inc (NYSE:NOW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,143 shares of the information technology services provider’s stock, valued at approximately $887,000.
A number of other hedge funds also recently added to or reduced their stakes in NOW. Alpha Windward LLC bought a new position in ServiceNow in the second quarter worth about $102,000. Three Peaks Capital Management LLC bought a new position in ServiceNow in the first quarter worth about $113,000. IHT Wealth Management LLC raised its stake in ServiceNow by 66.7% in the first quarter. IHT Wealth Management LLC now owns 750 shares of the information technology services provider’s stock worth $121,000 after buying an additional 300 shares in the last quarter. Adviser Investments LLC bought a new position in ServiceNow in the first quarter worth about $166,000. Finally, Signaturefd LLC bought a new position in ServiceNow in the first quarter worth about $202,000. 95.80% of the stock is owned by institutional investors.
In other news, Director Ronald E. F. Codd sold 39,506 shares of the stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $185.88, for a total transaction of $7,343,375.28. Following the sale, the director now owns 53,428 shares in the company, valued at $9,931,196.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Chirantan Jitendra Desai sold 2,031 shares of the stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $199.84, for a total transaction of $405,875.04. Following the sale, the insider now owns 7,174 shares in the company, valued at approximately $1,433,652.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 190,350 shares of company stock worth $35,247,745. Corporate insiders own 1.60% of the company’s stock.
ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 25th. The information technology services provider reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.06. ServiceNow had a negative net margin of 4.16% and a negative return on equity of 7.48%. The firm had revenue of $631.05 million for the quarter, compared to analysts’ expectations of $616.68 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business’s revenue for the quarter was up 40.8% on a year-over-year basis. sell-side analysts anticipate that ServiceNow Inc will post 0.16 EPS for the current year.
NOW has been the subject of a number of research reports. Deutsche Bank increased their price target on shares of ServiceNow to $200.00 and gave the stock a “buy” rating in a research note on Thursday, May 31st. Deutsche Bank increased their price target on shares of ServiceNow from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, May 31st. Citigroup increased their price target on shares of ServiceNow to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, July 3rd. Barclays increased their price target on shares of ServiceNow from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Thursday, July 12th. Finally, Piper Jaffray Companies reissued an “overweight” rating and issued a $210.00 price target on shares of ServiceNow in a research note on Friday, July 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $197.54.
ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. It offers customer and facilities service management, orchestration core, service mapping, cloud and portfolio management, edge encryption, performance analytics, service portal designer, visual task boards, and configuration management database.
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