Scge Management LP boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 12.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 935,100 shares of the information technology services provider’s stock after buying an additional 102,000 shares during the period. ServiceNow makes up approximately 8.0% of Scge Management LP’s portfolio, making the stock its 3rd largest holding. Scge Management LP’s holdings in ServiceNow were worth $520,748,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the stock. Chilton Capital Management LLC bought a new position in shares of ServiceNow in the 4th quarter valued at $25,000. OLD Second National Bank of Aurora bought a new position in shares of ServiceNow in the 1st quarter valued at $28,000. High Net Worth Advisory Group LLC bought a new position in shares of ServiceNow in the 1st quarter valued at $29,000. Delos Wealth Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter valued at $40,000. Finally, San Luis Wealth Advisors LLC bought a new position in shares of ServiceNow in the 1st quarter valued at $49,000. Hedge funds and other institutional investors own 87.49% of the company’s stock.
ServiceNow Trading Up 4.3 %
Shares of NYSE:NOW opened at $470.03 on Monday. ServiceNow, Inc. has a fifty-two week low of $406.47 and a fifty-two week high of $707.60. The company has a market cap of $94.95 billion, a PE ratio of 516.52, a P/E/G ratio of 9.57 and a beta of 0.94. The company’s 50-day moving average price is $462.03 and its 200-day moving average price is $486.60. 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 (NYSE:NOW – Get Rating) last released its quarterly earnings results on Wednesday, July 27. The information technology services provider reported $0.20 EPS for the quarter, topping estimates. analysts’ consensus was $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the company earned $0.38 EPS. ServiceNow’s revenue increased 24.3% on a year-over-year basis. Sell-side analysts expect ServiceNow, Inc. will post 1.72 earnings per share for the current year.
Insiders Place Their Bets
In other ServiceNow news, General Counsel Russell S. Elmer sold 4,812 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $438.99, for a total transaction of $2,112,419.88. Following the sale, the general counsel now directly owns 9,293 shares in the company, valued at approximately $4,079,534.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Gina Mastantuono sold 4,262 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $439.10, for a total value of $1,871,444.20. Following the sale, the chief financial officer now directly owns 4,262 shares in the company, valued at approximately $1,871,444.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 4,812 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $438.99, for a total transaction of $2,112,419.88. Following the completion of the sale, the general counsel now owns 9,293 shares in the company, valued at $4,079,534.07. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,256 shares of company stock valued at $14,019,372. 0.28% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
NOW has been the subject of several research reports. Royal Bank of Canada cut their price target on shares of ServiceNow from $670.00 to $610.00 in a research note on Monday, July 18th. Morgan Stanley cut their price target on shares of ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. Sanford C. Bernstein began coverage on shares of ServiceNow in a report on Tuesday, July 19th. They set an “outperform” rating and a $646.00 target price for the company. Canaccord Genuity Group dropped 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, Truist Financial dropped their price target on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Two investment 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, the company currently has an average rating of “Moderate Buy” and an average price target of $598.84.
ServiceNow Company 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.
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