Gluskin Sheff & Assoc Inc. has bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 8,449 shares of the information technology services provider’s stock, valued at approximately $4,705,000.
A number of other hedge funds have also recently modified their holdings of the business. Confluence Wealth Services Inc. bought a new position in ServiceNow in the 4th quarter valued at about $100,000. Ropes Wealth Advisors LLC purchased a new position in ServiceNow in the 4th quarter valued at approximately $240,000. Covestor Ltd purchased a new position in ServiceNow in the 4th quarter valued at approximately $87,000. Powered by Thornburg Investment Management Inc. its stake in ServiceNow by 200.0% in the 4th quarter. Thornburg Investment Management Inc. now owns 7,500 shares of the information technology services provider’s stock valued at $4,868,000 after buying an additional 5,000 shares in the last quarter. Finally, Nwam LLC increased its stake in ServiceNow by 189.4% in the 4th quarter. Nwam LLC now owns 1,201 shares of the information technology services provider’s stock valued at $780,000 after buying an additional 786 shares during the last quarter. Institutional investors own 87.49% of the company’s stock.
ServiceNow Trading Up 1.3 %
NOW stock opened at $476.29 on Tuesday. ServiceNow, Inc. has a 1-year low of $406.47 and a 1-year high of $707.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $96.21 billion, a price-to-earnings ratio of 523.40, a PEG ratio of 9.57 and a beta of 0.94. The business has a 50-day simple moving average of $462.03 and a two-hundred-day simple moving average of $486.60.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share 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 in the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the company posted $0.38 EPS. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the stock. JMP Securities dropped their price target on shares of ServiceNow from $705.00 to $553.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 28th. Guggenheim initiated coverage on shares of ServiceNow in a research note on Friday, August 12th. They issued a “neutral” rating and a $510.00 target price on the stock. KeyCorp reduced their price target on ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Credit Suisse Group reduced their price target on ServiceNow from $700.00 to $650.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Finally, Stifel Nicolaus cut their price target on ServiceNow from $650.00 to $550.00 in a research report on Wednesday, May 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $598.84.
Insiders Place Their Bets
In other ServiceNow news, CFO Gina Mastantuono sold 4,262 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $439.10, for a total value of $1,871,444.20. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available on the SEC website. In other news, CFO Gina Mastantuono sold 4,262 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $439.10, for a total transaction of $1,871,444.20. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the transaction, the director now owns 33,600 shares of the company’s stock, valued at $16,699,536. 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 three months. 0.28% of the stock is owned by company insiders.
About ServiceNow
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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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