Quantbot Technologies LP Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

Quantbot Technologies LP lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 698.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,508 shares of the information technology services provider’s stock after purchasing an additional 10,067 shares during the quarter. ServiceNow comprises about 0.5% of Quantbot Technologies LP’s holdings, making the stock its 12th biggest holding. Quantbot Technologies LP’s holdings in ServiceNow were worth $8,774,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in NOW. University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of ServiceNow during the fourth quarter worth about $29,000. AdvisorNet Financial Inc increased its stake in shares of ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after buying an additional 32 shares during the period. Disciplined Equity Management Inc. purchased a new stake in shares of ServiceNow during the fourth quarter worth approximately $35,000. Sachetta LLC purchased a new stake in shares of ServiceNow during the fourth quarter worth approximately $35,000. Finally, PFG Private Wealth Management LLC purchased a new stake in shares of ServiceNow during the first quarter worth approximately $38,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NOW shares. Needham & Company LLC restated a “buy” rating and set a $900.00 target price on shares of ServiceNow in a research note on Monday. Stifel Nicolaus restated a “buy” rating and set a $820.00 target price on shares of ServiceNow in a research note on Tuesday, July 2nd. BMO Capital Markets cut their target price on shares of ServiceNow from $850.00 to $830.00 and set an “outperform” rating on the stock in a research note on Thursday, April 25th. Citigroup increased their price target on shares of ServiceNow from $896.00 to $906.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $812.60.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Christopher Bedi sold 215 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the completion of the sale, the insider now owns 15,892 shares of the company’s stock, valued at $11,124,400. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Paul John Smith sold 602 shares of ServiceNow stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $769.75, for a total transaction of $463,389.50. Following the completion of the sale, the insider now owns 3,619 shares in the company, valued at approximately $2,785,725.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher Bedi sold 215 shares of ServiceNow stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the sale, the insider now owns 15,892 shares of the company’s stock, valued at approximately $11,124,400. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,530 shares of company stock valued at $3,997,012. 0.25% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $9.35 during mid-day trading on Friday, hitting $758.49. 898,086 shares of the company were exchanged, compared to its average volume of 1,288,436. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. The stock has a 50 day simple moving average of $736.92 and a 200-day simple moving average of $745.40. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $815.32. The firm has a market cap of $155.49 billion, a price-to-earnings ratio of 80.86, a price-to-earnings-growth ratio of 4.66 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.41. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. On average, sell-side analysts forecast that ServiceNow, Inc. will post 6.5 EPS for the current fiscal year.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.