IFM Investors Pty Ltd raised its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 20.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,670 shares of the information technology services provider’s stock after buying an additional 5,288 shares during the quarter. 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 added to or reduced their stakes in the company. Raised by BlackRock Inc. its position in ServiceNow by 0.4% during the 4th quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after acquiring an additional 65,623 shares during the period. State Street Corp lifted its position in ServiceNow by 3.2% during the 4th 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. Geode Capital Management LLC lifted its position in ServiceNow by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 3,082,765 shares of the information technology services provider’s stock worth $1,995,048,000 after acquiring an additional 106,519 shares during the period. Nuveen Asset Management LLC lifted its position in ServiceNow by 11.7% during the 4th 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, Northern Trust Corp lifted its position in ServiceNow by 0.3% during the 4th quarter. Northern Trust Corp now owns 2,245,682 shares of the information technology services provider’s stock valued at $1,457,695,000 after acquiring an additional 7,130 shares during the period. Hedge funds and other institutional investors own 87.20% of the company’s stock.
ServiceNow Trading Up 2.3 %
Shares of NOW opened at $446.66 on Monday. The stock’s 50-day moving average is $463.62 and its two-hundred-day moving average is $505.32. The stock has a market cap of $89.54 billion, a PE ratio of 406.05, a P/E/G ratio of 8.94 and a beta of 1.03. ServiceNow, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60. The company has a debt-to-equity ratio of 0.37, 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 $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.09. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The company’s quarterly revenue was up 24.3% on a year-over-year basis. In the same quarter last year, the company posted $0.38 earnings per share. Equities analysts predict that ServiceNow, Inc. will post 1.71 earnings per share for the current fiscal year.
Changes in Analyst Ratings
NOW has been the subject of several recent analyst reports. JMP Securities decreased their price target on ServiceNow from $705.00 to $553.00 and set a “market outperform” rating for the company in a report on Thursday. Canaccord Genuity Group reduced their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a report on Thursday. Jefferies Financial Group reduced their price target on ServiceNow from $700.00 to $550.00 in a report on Monday, May 23rd. 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 report on Thursday. Finally, Barclays reduced their price target on ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a report on Thursday. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-one 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 target price of $589.90.
Insiders Place Their Bets
In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $477.52, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $477.52, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of the business’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now owns 33,600 shares in the company, valued at approximately $16,699,536. The disclosure for this sale can be found here. Insiders sold a total of 16,150 shares of company stock worth $7,804,261 in the last quarter. 0.28% of the stock is owned by corporate insiders.
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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