Pinnacle Associates Ltd. has acquired a new stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,201 shares of the information technology services provider’s stock, valued at approximately $669,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Prospera Financial Services Inc bought a new position in shares of ServiceNow in the first quarter valued at approximately $996,000. Walleye Capital LLC boosted 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 acquiring an additional 2,507 shares during the last quarter. Exane Derivatives boosted 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 acquiring an additional 95 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of ServiceNow by 13.9% in the fourth quarter. Amalgamated Bank now owns 50,259 shares of the information technology services provider’s stock valued at $32,624,000 after acquiring an additional 6,128 shares during the last quarter. Finally, Morningstar Investment Services LLC purchased a new position in shares of ServiceNow in the fourth quarter valued at approximately $289,000. 87.20% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of analysts recently weighed in on the stock. Barclays reduced their price target on shares of ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Wells Fargo & Company reduced their price target on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Citigroup reduced their price target on shares of ServiceNow from $600.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Canaccord Genuity Group reduced their price target on shares of ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Finally, Oppenheimer reduced their price target on shares of ServiceNow from $600.00 to $505.00 and set a “hold” rating for the company in a report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $589.90.
ServiceNow Insider Activity
In related news, Director Frederic B. Luddy sold 707 shares of the firm’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $501.92, for a total value of $354,857.44. Following the transaction, the director now directly owns 660 shares in the company, valued at approximately $331,267.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible through this link. In other ServiceNow news, insider Nicholas Tzitzon sold 2,822 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $438.75, for a total value of $1,238,152.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frederic B. Luddy sold 707 shares of the firm’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $501.92, for a total transaction of $354,857.44. Following the completion of the sale, the director now owns 660 shares in the company, valued at $331,267.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,679 shares of company stock valued at $9,358,018. 0.28% of the stock is owned by insiders.
ServiceNow Stock Performance
Shares of NOW opened at $453.77 on Tuesday. ServiceNow, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60. The company’s fifty-day moving average is $464.09 and its 200-day moving average is $504.78. 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 company has a market cap of $90.96 billion, a price-to-earnings ratio of 498.65, a price-to-earnings-growth ratio of 9.21 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last posted its earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.09. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the business posted $0.38 EPS. ServiceNow’s revenue was up 24.3% compared to the same quarter last year. Equities analysts expect ServiceNow, Inc. will post 1.7 EPS for the current fiscal year.
About ServiceNow
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers 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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