State of Tennessee Treasury Department increased its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 8.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,187 shares of the information technology services provider’s stock after acquiring an additional 5,419 shares during the period. State of Tennessee Treasury Department’s holdings in ServiceNow were worth $36,858,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. SevenOneSeven Capital Management increased its stake in ServiceNow by 3.0% during the 4th quarter. SevenOneSeven Capital Management now owns 621 shares of the information technology services provider’s stock valued at $403,000 after buying an additional 18 shares during the last quarter. The Means Investment CO. Inc. grew its stake in ServiceNow by 0.6% during the 4th quarter. The Means Investment CO. Inc. now owns 2,842 shares of the information technology services provider’s stock worth $1,845,000 after buying an additional 18 shares during the last quarter. Rehmann Capital Advisory Group boosted its stake in ServiceNow by 1.4% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,316 shares of the information technology services provider’s stock valued at $854,000 after buying an additional 18 shares during the last quarter. Financial Architects Inc boosted its stake in ServiceNow by 5.9% during the 1st quarter. Financial Architects Inc now owns 378 shares of the information technology services provider’s stock valued at $211,000 after buying an additional 21 shares during the last quarter. Finally, Equitable Holdings Inc. raised its stake in ServiceNow by 4.1% in the 4th quarter. Equitable Holdings Inc. now owns 565 shares of the information technology services provider’s stock valued at $367,000 after buying an additional 22 shares in the last quarter. Institutional investors own 87.20% of the company’s stock.
Changes in Analyst Ratings
Several equities analysts have recently weighed in on NOW shares. Canaccord Genuity Group dropped their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Sanford C. Bernstein initiated coverage on ServiceNow in a report on Tuesday, July 19th. They set an “outperform” rating and a $646.00 target price on the stock. Jefferies Financial Group dropped their price target on ServiceNow from $700.00 to $550.00 in a report on Monday, May 23rd. Piper Sandler dropped their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a report on Thursday, July 28th. Finally, Guggenheim initiated coverage on ServiceNow in a report on Friday, August 12th. They set a “neutral” rating and a $510.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $598.84.
Internal Activity
In other news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the completion of the transaction, the chief operating officer now owns 38,980 shares in the company, valued at $18,613,729.60. The sale was disclosed in a document filed with the SEC, which is available on the SEC website. In related news, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $477.52, for a total value of $3,342,640.00. Following the completion of the transaction, the chief operating officer now owns 38,980 shares in the company, valued at $18,613,729.60. The transaction was disclosed in a document filed with the SEC, available at this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The disclosure for this sale can be found here. Insiders have sold a total of 34,427 shares of company stock valued at $16,189,898 over the last 90 days. Corporate insiders own 0.28% of the company’s stock.
ServiceNow fell 3.2%
Shares of ServiceNow stock opened at $461.00 on Monday. The company has a market cap of $93.12 billion, a price-to-earnings ratio of 523.36, a PEG ratio of 9.69 and a beta of 0.94. The business has a 50-day moving average price of $467.79 and a 200-day moving average price of $500.32. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. ServiceNow, Inc. has a twelve month low of $406.47 and a twelve month high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. ServiceNow has a return on equity of 7.22% and a net margin of 2.79%. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. In the same quarter last year, the business posted $0.38 earnings per share. Equities research analysts expect ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
ServiceNow profile
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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.
Further Reading
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