Tcwp LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 437 shares of the information technology services provider’s stock, valued at approximately $243,000.
A number of other hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Buckingham Strategic Wealth LLC lifted its holdings in ServiceNow by 4.0% during the first quarter. Buckingham Strategic Wealth LLC now owns 3,164 shares of the information technology services provider’s stock valued at $1,762,000 after buying an additional 121 shares during the last quarter. Lmcg Investments LLC acquired a new position in shares of ServiceNow in the 1st quarter valued at $4,786,000. Fluent Financial LLC acquired a new position in shares of ServiceNow in the 1st quarter valued at $2,801,000. Parametrica Management Ltd acquired a new position in shares of ServiceNow in the 1st quarter valued at $423,000. Finally, Probity Advisors Inc. raised. its holdings in shares of ServiceNow by 22.7% in the 1st quarter. Probity Advisors Inc. now owns 649 shares of the information technology services provider’s stock valued at $361,000 after acquiring an additional 120 shares during the period. Institutional investors and hedge funds own 87.20% of the company’s stock.
ServiceNow was down 1.6%
Shares of NOW stock opened at $488.76 on Thursday. The company has a 50-day moving average price of $467.78 and a 200-day moving average price of $502.73. ServiceNow, Inc. has a twelve month low of $406.47 and a twelve month high of $707.60. The company has a market capitalization of $98.73 billion, a price-to-earnings ratio of 537.10, a PEG ratio of 10.08 and a beta of 0.94. The company has a current ratio of 1.12, a quick 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, beating 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 firm had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. In the same quarter last year, the company posted $0.38 EPS. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. Research analysts predict that ServiceNow, Inc. will post 1.73 earnings per share for the current fiscal year.
Internal Activity
In other news, insider Lara Caimi sold 726 shares of the company’s stock in a transaction dated Tuesday, May 31. The shares were sold at an average price of $474.48, for a total transaction of $344,472.48. Following the completion of the transaction, the insider now owns 99 shares of the company’s stock, valued at approximately $46,973.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Lara Caimi sold 726 shares of the company’s stock in a transaction dated Tuesday, May 31. The shares were sold at an average price of $474.48, for a total transaction of $344,472.48. Following the completion of the transaction, the insider now owns 99 shares of the company’s stock, valued at approximately $46,973.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul John Smith sold 130 shares of the company’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $502.81, for a total transaction of $65,365.30. Following the transaction, the insider now directly owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The disclosure for this sale can be found here. Insiders have sold a total of 33,258 shares of company stock valued at $15,622,745 over the last 90 days. 0.28% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several brokerages recently commented on NOW. Cowen cut their price target on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. JMP Securities cut their price target on shares of ServiceNow from $705.00 to $553.00 and set a “market outperform” rating on the stock in a report on Thursday, July 28th. Guggenheim initiated coverage on shares of ServiceNow in a report on Friday, August 12th. They issued a “neutral” rating and a $510.00 target price on the stock. Credit Suisse Group dropped their price objective on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, Stifel Nicolaus dropped their price objective on shares of ServiceNow from $650.00 to $550.00 in a research report on Wednesday, May 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $598.84.
ServiceNow 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.
Further Reading
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