IFM Investors Pty Ltd boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 20.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 31,670 shares of the information technology services provider’s stock after purchasing an additional 5,288 shares during the period. IFM Investors Pty Ltd’s holdings in ServiceNow were worth $17,637,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in ServiceNow during the fourth quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC boosted its holdings in ServiceNow by 164.8% during the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock worth $580,778,000 after acquiring an additional 556,871 shares during the period. Powered by TD Asset Management Inc. its holdings in ServiceNow by 84.7% in the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after acquiring an additional 553,517 shares during the period. Nuveen Asset Management LLC boosted its holdings in ServiceNow by 11.7% during the fourth quarter. Nuveen Asset Management LLC now owns 2,925,155 shares of the information technology services provider’s stock valued at $1,898,748,000 after acquiring an additional 305,908 shares during the period. Finally, State Street Corp boosted its holdings in ServiceNow by 3.2% during the fourth quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after acquiring an additional 241,296 shares during the period. 87.20% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on NOW shares. Cowen reduced their price target on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a report on Thursday. Stifel Nicolaus reduced their price target on shares of ServiceNow from $550.00 to $500.00 and set a “hold” rating for the company in a research note on Thursday. 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 note on Thursday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of ServiceNow from $680.00 to $625.00 and set a “hold” rating for the company in a research note on Thursday. Finally, Barclays reduced their price target on shares of ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research note on Thursday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $589.90.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $477.52, for a total amount of $3,342,640.00. Following the transaction, the chief operating officer now directly owns 38,980 shares of the company’s stock, valued at $18,613,729.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction on 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 transaction, the director now directly owns 33,600 shares of the company’s stock, valued at $16,699,536. The sale was disclosed in a legal filing with the SEC, which is available on the SEC website. Also, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction on Friday, May 27th. The stock was traded at an average price of $477.52, for a total transaction of $3,342,640.00. Following the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at $18,613,729.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,150 shares of company stock valued at $7,804,261. 0.28% of the stock is currently owned by insiders.
ServiceNow Stock Performance
Shares of ServiceNow stock opened at $446.66 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market cap of $89.54 billion, a P/E ratio of 406.05, a P/E/G ratio of 8.94 and a beta of 1.03. The company has a 50 day simple moving average of $463.62 and a 200 day simple moving average of $505.32. ServiceNow, Inc. has a fifty-two week low of $406.47 and a fifty-two week 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 (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.38 earnings per share. Business revenue for the quarter was up 24.3% on a year-over-year basis. sell-side analysts predict that ServiceNow, Inc. will post 1.71 earnings per share for the current fiscal year.
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.
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