King Luther Capital Management Corp raised its position in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 7.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 840 shares of the information technology services provider’s stock after buying an additional 60 shares during the period. King Luther Capital Management Corp’s holdings in ServiceNow were worth $468,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raised by BlackRock Inc. its holdings in 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 in the last quarter. State Street Corp lifted its holdings in ServiceNow by 3.2% in the fourth 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 lifted its holdings in ServiceNow by 3.6% in the fourth 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 lifted its holdings in ServiceNow by 11.7% in 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 purchasing an additional 305,908 shares during the last quarter. Finally, Edgewood Management LLC purchased a new position in ServiceNow in the first quarter valued at $1,515,281,000. Hedge funds and other institutional investors own 87.20% of the company’s stock.
ServiceNow Price Performance
Shares of NOW opened at $444.69 on Monday. ServiceNow, Inc. has a fifty-two week low of $406.47 and a fifty-two week high of $707.60. The company’s 50 day moving average price is $469.09 and its 200 day moving average price is $495.54. The company has a market cap of $89.83 billion, a P/E ratio of 488.67, a PEG ratio of 9.31 and a beta of 0.94. 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 (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the company earned $0.38 EPS. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. On average, research analysts predict that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the stock. UBS Group cut their price target on shares of ServiceNow from $540.00 to $515.00 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 shares of ServiceNow from $670.00 to $610.00 in a research note on Monday, July 18th. Canaccord Genuity Group cut their price target on shares of ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Guggenheim assumed coverage on shares of ServiceNow in a research note on Friday, August 12th. They set a “neutral” rating and a $510.00 target price for the company. Finally, Jefferies Financial Group cut their price target on shares of ServiceNow from $700.00 to $550.00 in a research note on Monday, May 23rd. 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. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $598.84.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, insider Paul John Smith sold 130 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $502.81, for a total value of $65,365.30. Following the sale, the insider now directly owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The sale was disclosed in a legal filing with the SEC, which is available on the SEC website. In other ServiceNow news, insider Paul John Smith sold 130 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $502.81, for a total value of $65,365.30. Following the sale, the insider now directly owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The sale was disclosed in a legal filing with the SEC, which is available on the SEC website. Also, General Counsel Russell S. Elmer sold 758 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $486.36, for a total transaction of $368,660.88. Following the completion of the sale, the general counsel now directly owns 9,293 shares in the company, valued at $4,519,743.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,427 shares of company stock valued at $12,847,258. Insiders own 0.28% of the company’s stock.
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.
Further Reading
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