Mercer Global Advisors Inc. ADV raised its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 29.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,946 shares of the information technology services provider’s stock after buying an additional 1,116 shares during the period. Holdings by Mercer Global Advisors Inc. ADV’s holdings in ServiceNow were worth $2,754,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of NOW. Norges Bank purchased a new position in shares of ServiceNow during the 4th quarter valued at $1,117,096,000. Raised by TD Asset Management Inc. its position in shares of ServiceNow by 84.7% in the 4th 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 last quarter. Fisher Asset Management LLC lifted its position 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 acquiring an additional 518,349 shares in the last quarter. Nuveen Asset Management LLC increased its stake in ServiceNow by 11.7% in the 4th quarter. Nuveen Asset Management LLC now owns 2,925,155 shares of the information technology services provider’s stock worth $1,898,748,000 after buying an additional 305,908 shares during the last quarter. Finally, State Street Corp grew its stake 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 buying an additional 241,296 shares during the last quarter. 87.20% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research firms have weighed in on NOW. Jefferies Financial Group dropped their price target on ServiceNow from $700.00 to $550.00 in a research note on Monday, May 23rd. Oppenheimer dropped their price target on ServiceNow from $660.00 to $600.00 in a research note on Thursday, April 28th. Morgan Stanley dropped their price target on ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. Wells Fargo & Company dropped their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research note on Monday, July 25th. Finally, JMP Securities decreased their price objective on ServiceNow from $705.00 to $553.00 and set a “market outperform” rating for the company in a report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $598.84.
Internal Activity
In other news, General Counsel Russell S. Elmer sold 4,812 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the general counsel now directly owns 9,293 shares in the company, valued at $4,079,534.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Russell S. Elmer sold 178 shares of the stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $502.00, for a total value of $89,356.00. Following the completion of the transaction, the general counsel now directly owns 9,293 shares in the company, valued at $4,665,086. The sale was disclosed in a document filed with the Securities & Exchange Commission, available at this hyperlink. Also, General Counsel Russell S. Elmer sold 4,812 shares of the stock in a transaction that occurred on 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 completion of the transaction, the general counsel now owns 9,293 shares of the company’s stock, valued at $4,079,534.07. The disclosure for this sale can be found here. Insiders sold 34,427 shares of company stock valued at $16,189,898 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.
ServiceNow Price Performance
Shares of ServiceNow stock opened at $476.26 on Monday. The business has a 50-day simple moving average of $467.79 and a two-hundred-day simple moving average of $500.32. ServiceNow, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60. The stock has a market capitalization of $96.20 billion, a P/E ratio of 523.36, a PEG ratio of 9.69 and a beta of 0.94. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12.
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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The business had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business’s revenue increased by 24.3% compared to the same quarter last year. During the same period last year, the business earned $0.38 earnings per share. As a group, analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
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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