Pendal Group Ltd increased its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 5.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 3,737 shares of the information technology services provider’s stock after purchasing an additional 206 shares during the quarter. Pendal Group Ltd’s holdings in ServiceNow were worth $1,777,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Hancock Whitney Corp lifted its holdings in ServiceNow by 3.3% in the first quarter. Hancock Whitney Corp now owns 1,977 shares of the information technology services provider’s stock valued at $1,101,000 after acquiring an additional 64 shares during the period. Prospera Financial Services Inc bought a new position in ServiceNow in the first quarter valued at about $996,000. Brookstone Capital Management lifted its holdings in ServiceNow by 5.1% in the second quarter. Brookstone Capital Management now owns 1,690 shares of the information technology services provider’s stock valued at $835,000 after acquiring an additional 82 shares during the period. Allworth Financial LP lifted its holdings in ServiceNow by 50.2% in the second quarter. Allworth Financial LP now owns 422 shares of the information technology services provider’s stock valued at $201,000 after acquiring an additional 141 shares during the period. Finally, Exane Derivatives increased its position in ServiceNow by 7.0% in the first quarter. Exane Derivatives now owns 1,447 shares of the information technology services provider’s stock worth $806,000 after buying an additional 95 shares in the last quarter. 87.49% of the stock is owned by institutional investors.
Changes in Analyst Ratings
A number of analysts have commented on the company. JMP Securities reduced their price target on ServiceNow from $705.00 to $553.00 and set a “market outperform” rating for the company in a research report on Thursday, July 28th. 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 research report on Thursday, July 28th. Barclays reduced their price target on ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Guggenheim started coverage on ServiceNow in a research report on Friday, August 12th. They set a “neutral” rating and a $510.00 target price for the company. Finally, Cowen cut their price target on ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $593.29.
Insider Buying and Selling
In related news, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total transaction of $3,074,676.00. Following the completion of the sale, the director now directly owns 33,000 shares of the company’s stock, valued at approximately $15,373,380. The sale was disclosed in a filing with the Securities & Exchange Commission, available through this hyperlink. In related 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 transaction of $2,112,419.88. Following the completion of the sale, the general counsel now directly owns 9,293 shares of the company’s stock, valued at approximately $4,079,534.07. The sale was disclosed in a filing with the Securities & Exchange Commission, available through this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total value of $3,074,676.00. Following the sale, the director now directly owns 33,000 shares of the company’s stock, valued at $15,373,380. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,322 shares of company stock valued at $11,866,291. Insiders own 0.28% of the company’s stock.
ServiceNow Price Performance
NYSE:NOW opened at $420.58 on Thursday. The company has a market capitalization of $84.96 billion, a price-to-earnings ratio of 462.18, a PEG ratio of 8.36 and a beta of 0.98. ServiceNow, Inc. has a 1 year low of $367.71 and a 1 year high of $707.60. The business has a 50-day simple moving average of $445.50 and a 200-day simple moving average of $469.35. 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 data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate 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 has a return on equity of 7.22% and a net margin of 2.79%. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. During the same period last year, the company earned $0.38 EPS. Equities analysts predict that ServiceNow, Inc. will post 1.73 EPS for the current year.
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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