The Manufacturers Life Insurance Company raised its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 55.4% in the 1st quarter, Holdings Channel reports. The firm owned 238,412 shares of the information technology services provider’s stock after acquiring an additional 85,030 shares during the period. The Manufacturers Life Insurance Company’s holdings in ServiceNow were worth $134,313,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in NOW. Edgewood Management LLC acquired a new position in ServiceNow during the first quarter valued at about $1,515,281,000. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter valued at $1,117,096,000. Fisher Asset Management LLC raised its holdings in shares of ServiceNow by 57.9% in the first 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 buying an additional 518,349 shares during the last quarter. Capital International Investors lifted its holdings in shares of ServiceNow by 18.1% in the first quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after purchasing an additional 491,835 shares in the last quarter. Finally, Vanguard Group Inc. raised. its holdings in shares of ServiceNow by 1.9% in the first quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after buying an additional 306,106 shares in the last quarter. 87.49% of the stock is currently owned by institutional investors and hedge funds.
ServiceNow Price Performance
NOW stock opened at $435.55 on Friday. The stock has a market capitalization of $87.98 billion, a PE ratio of 478.63, a price-to-earnings-growth ratio of 9.21 and a beta of 0.94. The company’s 50-day moving average is $460.28 and its 200-day moving average is $485.43. 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, Inc. has a 1 year low of $406.47 and a 1 year high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, which topping analysts’ consensus estimates 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 analysts’ expectations of $1.76 billion. In the same quarter last year, the company earned $0.38 EPS. Business revenue increased 24.3% on a year-over-year basis. Equities research analysts expect ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
Changes in Analyst Ratings
A number of research analysts have recently issued reports on the stock. Barclays dropped their price target on shares of ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Jefferies Financial Group dropped their target price on shares of ServiceNow from $700.00 to $550.00 in a report on Monday, May 23rd. Morgan Stanley decreased their price objective on shares of ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. JMP Securities reduced their price objective on shares of ServiceNow from $705.00 to $553.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 28th. Finally, UBS Group reduced their price objective on shares of ServiceNow from $540.00 to $515.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Two equities research 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 stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $598.84.
Insider Buying and Selling
In related news, CFO Gina Mastantuono sold 4,262 shares of the company’s stock in a transaction dated Monday, August 29. The shares were sold at an average price of $439.10, for a total value of $1,871,444.20. Following the sale, the chief financial officer now owns 4,262 shares in the company, valued at approximately $1,871,444.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at this hyperlink. In related news, CFO Gina Mastantuono sold 4,262 shares of the company’s stock in a transaction dated Monday, August 29. The shares were sold at an average price of $439.10, for a total value of $1,871,444.20. Following the sale, the chief financial officer now owns 4,262 shares in the company, valued at approximately $1,871,444.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $497.01, for a total transaction of $3,280,266.00. Following the completion of the sale, the director now owns 33,600 shares in the company, valued at approximately $16,699,536. The disclosure for this sale can be found here. Insiders sold 30,256 shares of company stock worth $14,019,372 in the last quarter. Insiders own 0.28% of the company’s stock.
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.
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