Soros Fund Management LLC Invests $18.40 Million in ServiceNow, Inc. (NYSE:NOW)

Soros Fund Management LLC acquired a new position in ServiceNow, Inc. (NYSE:NOW) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 20,575 shares of the information technology services provider’s stock, valued at approximately $18,402,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC acquired a new position in ServiceNow in the third quarter valued at about $30,000. DT Investment Partners LLC raised its position in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. Ridgewood Investments LLC acquired a new stake in ServiceNow during the 2nd quarter worth $32,000. Oakworth Capital Inc. raised its holdings in shares of ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the period. Finally, Semmax Financial Advisors Inc. bought a new position in ServiceNow during the 2nd quarter worth about $39,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Up 0.1 %

Shares of NYSE NOW opened at $1,123.72 on Friday. The firm has a market cap of $231.49 billion, a PE ratio of 174.76, a price-to-earnings-growth ratio of 6.07 and a beta of 0.99. The company has a 50 day simple moving average of $977.66 and a 200 day simple moving average of $855.37. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,130.60.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.21 EPS. On average, research analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current year.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent research reports. Piper Sandler upped their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. UBS Group raised their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Jefferies Financial Group boosted their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup lifted their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Needham & Company LLC increased their price objective on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,002.64.

Insider Activity at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,799,853.92. This trade represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,629 shares of company stock worth $20,861,626 over the last quarter. Company insiders own 0.25% of the company’s stock.

ServiceNow Company 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.