Huntington National Bank boosted its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 43.9% during the first quarter, Holdings Channel.com reports. The fund owned 6,249 shares of the information technology services provider’s stock after purchasing an additional 1,906 shares during the quarter. Huntington National Bank’s holdings in ServiceNow were worth $3,480,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc.’s position grew. in shares of ServiceNow by 0.4% in the fourth quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after buying an additional 65,623 shares during the period. State Street Corp boosted its holdings in ServiceNow by 3.2% in 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 purchasing an additional 241,296 shares during the last quarter. Geode Capital Management LLC raised its stake 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 valued at $1,995,048,000 after purchasing an additional 106,519 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of ServiceNow by 11.7% during the fourth 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 last quarter. Finally, Northern Trust Corp lifted its position in shares of ServiceNow by 0.3% in the fourth 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 last quarter. Hedge funds and other institutional investors own 87.20% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently commented on NOW. BMO Capital Markets reduced their price objective on ServiceNow from $595.00 to $520.00 in a research note on Friday, July 15th. Royal Bank of Canada decreased their price target on shares of ServiceNow from $670.00 to $610.00 in a research report on Monday, July 18th. Jefferies Financial Group dropped their target price on shares of ServiceNow from $700.00 to $550.00 in a research report on Monday, May 23rd. Cowen cut their price objective on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Finally, KeyCorp lowered their price target on ServiceNow from $567.00 to $520.00 and set an “overweight” rating on the stock in a report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $598.84.
ServiceNow Price Performance
ServiceNow stock opened at $476.26 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. ServiceNow, Inc. has a 52-week low of $406.47 and a 52-week high of $707.60. The company has a market cap of $96.20 billion, a PE ratio of 523.36, a price-to-earnings-growth ratio of 9.96 and a beta of 0.94. The company’s 50-day moving average is $467.79 and its two-hundred-day moving average is $501.30.
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 business had revenue of $1.75 billion for 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 company’s revenue rose 24.3% on a year-over-year basis. In the same quarter last year, the company earned $0.38 earnings per share. On average, research analysts expect that ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
Insider Buying and Selling at ServiceNow
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 shares were sold at an average price of $438.99, for a total value of $2,112,419.88. Following the sale, the general counsel now owns 9,293 shares of the company’s stock, valued at $4,079,534.07. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, General Counsel Russell S. Elmer sold 758 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $486.36, for a total transaction of $368,660.88. Following the completion of the transaction, the general counsel now directly owns 9,293 shares of the company’s stock, valued at approximately $4,519,743.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 4,812 shares of the firm’s 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 in the company, valued at approximately $4,079,534.07. The disclosure for this sale can be found here. Insiders sold 34,427 shares of company stock worth $16,189,898 in the last quarter. 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.
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