ServiceNow, Inc. (NYSE:NOW) Position Raised by SP Asset Management

SP Asset Management increased its position in shares of ServiceNow, Inc. (NYSE:NOWGet Rating) by 9.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384 shares of the information technology services provider’s stock after purchasing an additional 32 shares during the period. SP Asset Management’s holdings in ServiceNow were worth $214,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospera Financial Services Inc bought a new position in shares of ServiceNow in the first quarter valued at $996,000. Walleye Capital LLC increased its holdings in shares of ServiceNow by 54.8% in the fourth quarter. Walleye Capital LLC now owns 7,084 shares of the information technology services provider’s stock valued at $4,598,000 after buying an additional 2,507 shares in the last quarter. Exane Derivatives increased its holdings in shares of ServiceNow by 7.0% in the first quarter. Exane Derivatives now owns 1,447 shares of the information technology services provider’s stock valued at $806,000 after buying an additional 95 shares in the last quarter. Resources Investment Advisors LLC. increased its holdings in shares of ServiceNow by 113.6% in the first quarter. Resources Investment Advisors LLC. now owns 1,476 shares of the information technology services provider’s stock valued at $822,000 after buying an additional 785 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in shares of ServiceNow by 1.6% in the first quarter. New York State Common Retirement Fund now owns 371,725 shares of the information technology services provider’s stock valued at $207,010,000 after buying an additional 5,941 shares in the last quarter. Institutional investors own 87.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Barclays decreased their price objective on ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Cowen decreased their price objective on ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Oppenheimer decreased their price objective on ServiceNow from $660.00 to $600.00 in a research report on Thursday, April 28th. Morgan Stanley decreased their price objective on ServiceNow from $594.00 to $575.00 and set an “overweight” rating for the company in a research report on Thursday, July 14th. Finally, Canaccord Genuity Group decreased their price objective on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $601.80.

Insider Transactions at ServiceNow

In related news, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the transaction, the chief operating officer now owns 38,980 shares of the company’s stock, valued at approximately $18,613,729.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $477.52, for a total value of $3,342,640.00. Following the transaction, the chief operating officer now owns 38,980 shares of the company’s stock, valued at $18,613,729.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 580 shares of ServiceNow stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $431.51, for a total transaction of $250,275.80. Following the completion of the transaction, the insider now directly owns 189 shares in the company, valued at approximately $81,555.39. The disclosure for this sale can be found here. Insiders sold a total of 33,090 shares of company stock worth $15,446,932 in the last quarter. 0.28% of the stock is owned by company insiders.

ServiceNow Price Performance

NOW traded up $1.85 during trading on Friday, hitting $494.85. The company’s stock had a trading volume of 2,977,871 shares, compared to its average volume of 2,172,144. The firm’s 50 day moving average price is $466.30 and its two-hundred day moving average price is $503.74. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $99.96 billion, a price-to-earnings ratio of 543.79, a price-to-earnings-growth ratio of 10.00 and a beta of 0.94. ServiceNow, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60.

ServiceNow (NYSE:NOWGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a net margin of 2.79% and a return on equity of 7.22%. The company’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 EPS. Sell-side analysts forecast that ServiceNow, Inc. will post 1.73 earnings per share for the current fiscal year.

About ServiceNow

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ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

See Also

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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