Invesco Ltd reduced its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 34.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,710,504 shares of the information technology services provider’s stock after selling 908,341 shares during the period. Invesco Ltd. owned about 0.85% of ServiceNow worth $952,562,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in NOW. Acadian Asset Management LLC lifted its holdings in ServiceNow by 114.5% during the 4th quarter. Acadian Asset Management LLC now owns 8,490 shares of the information technology services provider’s stock valued at $5,508,000 after purchasing an additional 4,532 shares during the last quarter. Confluence Wealth Services Inc. acquired a new position in ServiceNow in the 4th quarter valued at $100,000. Associated Banc Corp lifted its holdings in ServiceNow by 3.4% in the 4th quarter. Associated Banc Corp now owns 56,881 shares of the information technology services provider’s stock valued at $36,922,000 after acquiring an additional 1,861 shares during the last quarter. Rhumbline Advisers raised its holdings in ServiceNow by 1.5% in the 4th quarter. Rhumbline Advisers now owns 310,624 shares of the information technology services provider’s stock valued at $201,629,000 after acquiring an additional 4,728 shares in the last quarter. Finally, Probity Advisors Inc. raised. its holdings in ServiceNow by 5.2% in the 4th quarter. Probity Advisors Inc. now owns 529 shares of the information technology services provider’s stock valued at $343,000 after acquiring an additional 26 shares in the last quarter. 87.49% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts weigh in
Several brokerages have weighed in on NOW. Stifel Nicolaus dropped their price objective on ServiceNow from $650.00 to $550.00 in a report on Wednesday, May 25th. Wells Fargo & Company dropped their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Mizuho reduced their price target on ServiceNow from $520.00 to $500.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Citigroup reduced their price target on ServiceNow from $600.00 to $575.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Finally, Guggenheim began coverage on ServiceNow in a research note on Friday, August 12th. They issued a “neutral” rating and a $510.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $598.84.
ServiceNow Stock Up 4.3 %
Shares of ServiceNow stock opened at $470.03 on Friday. ServiceNow, Inc. had a one-year low of $406.47 and a one-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 stock’s 50-day moving average is $462.03 and its 200-day moving average is $487.47. The company has a market cap of $94.95 billion, a price-to-earnings ratio of 516.52, a PEG ratio of 9.04 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, beating 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 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 company earned $0.38 EPS. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. Equities research analysts expect ServiceNow, Inc. will post 1.72 EPS for the current year.
ServiceNow Insider Activity
In related news, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $497.01, for a total transaction of $3,280,266.00. Following the sale, the director now owns 33,600 shares in the company, valued at approximately $16,699,536. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other ServiceNow news, insider Nicholas Tzitzon sold 2,822 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $438.75, for a total value of $1,238,152.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction that occurred on 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 have sold a total of 30,256 shares of company stock valued at $14,019,372 over the last 90 days. Corporate insiders own 0.28% of the company’s stock.
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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