M Holdings Securities Inc. bought of a new stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 668 shares of the information technology services provider’s stock, valued at approximately $372,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Edgewood Management LLC purchased a new position in ServiceNow during the first quarter valued at approximately $1,515,281,000. Norges Bank purchased a new stake in shares of ServiceNow in the 4th quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC lifted its stake in shares of ServiceNow by 57.9% in the 1st quarter. Fisher Asset Management LLC now owns 1,413,079 shares of the information technology services provider’s stock valued at $786,930,000 after buying an additional 518,349 shares during the last quarter. Capital International Investors lifted its stake in shares of ServiceNow by 18.1% in the 1st quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after buying an additional 491,835 shares in the last quarter. Finally, Vanguard Group Inc. lifted. its stake in shares of ServiceNow by 1.9% in the 1st quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after buying an additional 306,106 shares in the last quarter. 87.49% of the stock is owned by institutional investors.
Wall Street Analysts weigh in
Several research firms have recently issued reports on NOW. BMO Capital Markets dropped their price objective on ServiceNow from $595.00 to $520.00 in a research note on Friday, July 15th. Jefferies Financial Group dropped their price objective on ServiceNow from $700.00 to $550.00 in a research note on Monday, May 23rd. Canaccord Genuity Group dropped their price objective on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Royal Bank of Canada cut their price target on ServiceNow from $670.00 to $610.00 in a research note on Monday, July 18th. Finally, Mizuho reduced their price target on ServiceNow from $520.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have assigned a buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $598.84.
ServiceNow Stock Drops 2.2%
ServiceNow stock opened at $425.80 on Friday. 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 has a market capitalization of $86.01 billion, a price-to-earnings ratio of 467.91, a PEG 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 has a fifty-day moving average price of $457.68 and a 200-day moving average price of $483.42.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business’s quarterly revenue was up 24.3% on a year-over-year basis. In the same quarter last year, the company earned $0.38 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
ServiceNow Insider Transactions
In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow 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 completion of the sale, the director now owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow 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 completion of the sale, the director now owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. Also, General Counsel Russell S. Elmer sold 4,812 shares of ServiceNow stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $438.99, for a total value of $2,112,419.88. Following the sale, the general counsel now directly owns 9,293 shares of the company’s stock, valued at approximately $4,079,534.07. The disclosure for this sale can be found here. Insiders sold 30,256 shares of company stock worth $14,019,372 in the last quarter. 0.28% of the stock is currently 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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