Emerson Point Capital LP boosted its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 2.0% in the 1st quarter, HoldingsChannel reports. The fund owned 50,650 shares of the information technology services provider’s stock after acquiring an additional 1,014 shares during the period. ServiceNow accounts for approximately 5.6% of Emerson Point Capital LP’s portfolio, making the stock its 7th largest holding. Emerson Point Capital LP’s holdings in ServiceNow were worth $28,206,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at about $25,000. OLD Second National Bank of Aurora purchased a new stake in shares of ServiceNow in the 1st quarter valued at about $28,000. High Net Worth Advisory Group LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at about $29,000. Delos Wealth Advisors LLC purchased a new stake in shares of ServiceNow during the 4th quarter valued at about $40,000. Finally, San Luis Wealth Advisors LLC purchased a new stake in ServiceNow in the 1st quarter valued at $49,000. Institutional investors and hedge funds own 87.49% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently commented on NOW shares. Credit Suisse Group reduced their price target on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. KeyCorp reduced their price target on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Cowen decreased their price target on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. BMO Capital Markets reduced their price target on shares of ServiceNow from $595.00 to $520.00 in a research report on Friday, July 15th. Finally, Royal Bank of Canada cut their price objective on shares of ServiceNow from $670.00 to $610.00 in a research report on Monday, July 18th. Two equities 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $598.84.
Insiders Place Their Bets
In other ServiceNow news, General Counsel Russell S. Elmer sold 4,812 shares of the firm’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 of the company’s stock, valued at approximately $4,079,534.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, available through the SEC website. In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $497.01, for a total transaction of $3,280,266.00. Following the sale, the director now directly owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The transaction was disclosed in a filing with the Securities & Exchange Commission, available through the SEC website. Also, General Counsel Russell S. Elmer sold 4,812 shares of the stock in a transaction dated 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 transaction, 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. Insiders sold 30,256 shares of company stock valued at $14,019,372 over the last ninety days. Insiders own 0.28% of the company’s stock.
ServiceNow Price Performance
Shares of NYSE NOW opened at $476.29 on Tuesday. The stock has a market cap of $96.21 billion, a price-to-earnings ratio of 523.40, a PEG ratio of 9.57 and a beta of 0.94. ServiceNow, Inc. has a 52 week low of $406.47 and a 52 week high of $707.60. 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 current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company’s revenue rose 24.3% on a year-over-year basis. During the same period last year, the company earned $0.38 EPS. As a group, research analysts predict that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
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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