Fulton Bank NA boosted its holdings in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 18.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,112 shares of the information technology services provider’s stock after buying an additional 175 shares during the quarter. Fulton Bank NA’s holdings in ServiceNow were worth $529,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. McAlister Sweet & Associates Inc. bought a new stake in shares of ServiceNow in the 2nd quarter valued at about $777,000. Amalgamated Bank increased its position in shares of ServiceNow by 5.4% during the 1st quarter. Amalgamated Bank now owns 52,958 shares of the information technology services provider’s stock valued at $29,492,000 after buying an additional 2,699 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of ServiceNow by 10.8% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,057 shares of the information technology services provider’s stock valued at $1,145,000 after buying an additional 200 shares in the last quarter. Offit Capital Advisors LLC increased its position in shares of ServiceNow by 104.9% during the 1st quarter. Offit Capital Advisors LLC now owns 2,065 shares of the information technology services provider’s stock valued at $1,150,000 after buying an additional 1,057 shares during the last quarter. Finally, Rovin Capital UT ADV raised its position in shares of ServiceNow by 50.6% during the 1st quarter. Rovin Capital UT ADV now owns 830 shares of the information technology services provider’s stock valued at $462,000 after purchasing an additional 279 shares during the last quarter. Hedge funds and other institutional investors own 87.49% of the company’s stock.
ServiceNow Stock Drops 2.2%
Shares of NOW opened at $425.80 on Friday. The stock has a market capitalization of $86.01 billion, a price-to-earnings ratio of 467.91, a price-to-earnings-growth ratio of 8.86 and a beta of 0.94. ServiceNow, Inc. has a 1 year low of $406.47 and a 1 year high of $707.60. The business’s 50-day simple moving average is $457.68 and its 200-day simple moving average is $483.42. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12.
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 (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.38 EPS. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. As a group, equities analysts expect ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
ServiceNow Insider Activity
In related news, General Counsel Russell S. Elmer sold 4,812 shares of the stock in a transaction 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 sale, the general counsel now 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, accessible through this link. In related news, General Counsel Russell S. Elmer sold 4,812 shares of the stock in a transaction 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 sale, the general counsel now 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, accessible through this link. Also, CFO Gina Mastantuono sold 4,262 shares of the stock in a transaction 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 owns 4,262 shares in the company, valued at approximately $1,871,444.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,256 shares of company stock worth $14,019,372. Company insiders own 0.28% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on NOW shares. UBS Group reduced their price target on shares of ServiceNow from $540.00 to $515.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. KeyCorp cut their price objective on ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. Credit Suisse Group cut their price objective on ServiceNow from $700.00 to $650.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Morgan Stanley cut their price objective on ServiceNow from $594.00 to $575.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. Finally, Barclays cut their price objective on ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.
Further Reading
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