CCLA Investment Management Ltd raised its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,566 shares of the information technology services provider’s stock after buying an additional 5,242 shares during the period. CCLA Investment Management Ltd’s holdings in ServiceNow were worth $41,016,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the company. Raised by United Asset Strategies Inc. its position in ServiceNow by 6.5% during the first quarter. United Asset Strategies Inc. now owns 27,586 shares of the information technology services provider’s stock worth $15,362,000 after buying an additional 1,676 shares in the last quarter. Institute for Wealth Management LLC. lifted its position in ServiceNow by 7.0% during the first quarter. Institute for Wealth Management LLC. now owns 3,461 shares of the information technology services provider’s stock valued at $1,928,000 after purchasing an additional 225 shares in the last quarter. Raised by TCI Wealth Advisors Inc. its position in ServiceNow by 4.9% during the first quarter. TCI Wealth Advisors Inc. now owns 1,587 shares of the information technology services provider’s stock valued at $884,000 after buying an additional 74 shares in the last quarter. Raised by Financial Counselors Inc. its position in ServiceNow by 3.1% during the first quarter. Financial Counselors Inc. now owns 19,421 shares of the information technology services provider’s stock valued at $10,815,000 after purchasing an additional 588 shares in the last quarter. Finally, FCF Advisors LLC lifted its position in ServiceNow by 93.1% in the first quarter. FCF Advisors LLC now owns 6,240 shares of the information technology services provider’s stock valued at $3,475,000 after buying an additional 3,009 shares during the last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.
ServiceNow Stock Performance
Shares of NOW opened at $448.60 on Thursday. 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 stock has a market capitalization of $89.93 billion, a P/E ratio of 407.82, a price-to-earnings-growth ratio of 8.94 and a beta of 1.03. The company’s fifty day simple moving average is $463.15 and its two hundred day simple moving average is $507.76. ServiceNow, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.09. ServiceNow has a net margin of 3.56% and a return on equity of 8.66%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. In the same quarter last year, the business earned $0.38 earnings per share. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. As a group, analysts predict that ServiceNow, Inc. will post 1.71 EPS for the current year.
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 shares were sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following 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 Securities & Exchange Commission, which is available through the SEC’s website. 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 value of $55,755.00. Following the sale, the insider now owns 1,446 shares in the company, valued at approximately $644,973.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at this hyperlink. Also, 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 sale, the chief operating officer now owns 38,980 shares in the company, valued at approximately $18,613,729.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,577 shares of company stock worth $8,503,327. Company insiders own 0.28% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the stock. Wells Fargo & Company dropped their price objective on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research report on Monday. Sanford C. Bernstein assumed 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. Barclays dropped their price target on shares of ServiceNow from $613.00 to $560.00 and set an “overweight” rating for the company in a report on Monday, July 18th. Cowen dropped their price target on shares of ServiceNow from $695.00 to $590.00 and set an “outperform” rating for the company in a report on Friday, July 22nd. Finally, UBS Group lowered their price target on shares of ServiceNow from $570.00 to $540.00 and set a “buy” rating for the company in a report on Monday, July 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-eight 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 $623.19.
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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