Rheos Capital Works Inc. has purchased a new position in ServiceNow, Inc. (NYSE: NOW – Get Rating) in the 1st quarter, according to its latest disclosure to the Securities and Exchange Commission (SEC). The fund bought 20,000 shares of the information technology services provider’s stock, valued at approximately $ 11,138,000.
Other institutional investors and hedge funds also bought and sold shares of the company. Norges Bank bought a new stake in shares of ServiceNow in the fourth quarter worth $ 1,117,096,000. Allspring Global Investments Holdings LLC bought a new stake in shares of ServiceNow in the fourth quarter worth $ 400,884,000. Fisher Asset Management LLC increased its holdings in shares of ServiceNow by 164.8% in the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock worth $ 580,778,000 after buying an additional 556,871 shares last quarter. Expanded by TD Asset Management Inc. its holdings in ServiceNow shares of 84.7% in the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock worth $ 783,606,000 after buying an additional 553,517 shares last quarter. Finally, Brown Advisory Inc. expanded. its holdings in ServiceNow shares were up 16.6% in the fourth quarter. Brown Advisory Inc. now owns 2,480,958 shares of the information technology services provider’s stock worth $ 1,610,414,000 after buying an additional 352,766 shares last quarter. 87.20% of the stock is owned by hedge funds and other institutional investors.
ServiceNow Stock is down 2.0%
NYSE NOW shares opened at $ 426.74 on Tuesday. ServiceNow, Inc. has a 12-month low of $ 406.47 and a 12-month high of $ 707.60. The stock has a market cap of $ 85.54 billion, a PE ratio of 387.95, a P/E/G ratio of 8.90 and a beta of 1.03. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $ 461.25 and a 200-day moving average of $ 513.76.
ServiceNow (NYSE: NOW-Get Rating) last announced its quarterly earnings data on Wednesday, April 27th. The information technology service provider reported $ 0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $ 0.34 by $ 0.13. ServiceNow has a net margin of 3.56% and a return on equity of 8.66%. The company had revenue of $ 1.72 billion in the quarter, compared to analysts ’expectations of $ 1.70 billion. In the same quarter last year, the company earned $ 0.50 EPS. ServiceNow’s revenue rose 26.6% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow, Inc. will post 1.71 EPS for the current financial year.
Changes in Analyst Ratings
NOW has been the subject of several research analyst reports. Morgan Stanley lowered their price target on shares of ServiceNow from $ 594.00 to $ 575.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. Oppenheimer lowered their target price on ServiceNow shares from $ 660.00 to $ 600.00 in a report on Thursday, April 28th. Wells Fargo & Company assumed coverage on parts of ServiceNow in a report on Wednesday, May 18th. They released an “overweight” rating and a $ 600.00 price target on the stock. UBS Group lowered their target price on ServiceNow shares from $ 570.00 to $ 540.00 and set a “buy” rating on the stock in a report on Monday. Finally, Mizuho lowered their target price on ServiceNow shares from $ 550.00 to $ 520.00 in a report on Tuesday. Two research analysts rated the stock with a sell rating, two assigned a hold rating and twenty-six gave a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $ 632.97.
Insider activity on ServiceNow
In related news, insider Paul John Smith sold 125 shares of the company’s stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $ 446.04, for a total transaction of $ 55,755.00. Following the completion of the sale, the insider now owns 1,446 shares of the company’s stock, valued at approximately $ 644,973.84. The sale was disclosed in a filing with the SEC, which can be accessed via this hyperlink. In other news, Director Teresa Briggs sold 932 shares of the stock in a transaction that took place on Friday, April 29th. The shares were sold at an average price of $ 490.26, for a total value of $ 456,922.32. Following the completion of the sale, the director now owns 707 shares of the company’s stock, valued at approximately $ 346,613.82. The transaction was disclosed in a filing with the SEC, which can be accessed via this link. Also, insider Paul John Smith sold 125 shares of the stock in a transaction that took place on Friday, May 13th. The shares were sold at an average price of $ 446.04, for a total transaction of $ 55,755.00. Following the completion of the sale, the insider now directly owns 1,446 shares of the company’s stock, valued at approximately $ 644,973.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,577 shares of the company’s stock worth $ 8,503,327. Corporate insiders own 0.28% of the company’s stock.
ServiceNow profile
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ServiceNow, Inc. provides enterprise cloud computing solutions that define, develop, integrate, manage, and automate services for businesses around the world. It runs 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.
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