Neuberger Berman Group LLC lessened its stake in shares of ServiceNow Inc (NYSE:NOW) by 14.3% during the first quarter, HoldingsChannel reports. The firm owned 165,368 shares of the information technology services provider’s stock after selling 27,521 shares during the period. Neuberger Berman Group LLC’s holdings in ServiceNow were worth $40,762,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of NOW. Jennison Associates LLC increased its position in shares of ServiceNow by 282.1% during the fourth quarter. Jennison Associates LLC now owns 2,406,077 shares of the information technology services provider’s stock worth $428,402,000 after acquiring an additional 1,776,380 shares during the last quarter. Norges Bank purchased a new stake in shares of ServiceNow during the fourth quarter worth about $297,403,000. Coatue Management LLC increased its position in shares of ServiceNow by 38.6% during the fourth quarter. Coatue Management LLC now owns 2,129,852 shares of the information technology services provider’s stock worth $379,220,000 after acquiring an additional 592,759 shares during the last quarter. Carillon Tower Advisers Inc. increased its position in shares of ServiceNow by 60.2% during the first quarter. Carillon Tower Advisers Inc. now owns 701,244 shares of the information technology services provider’s stock worth $172,849,000 after acquiring an additional 263,615 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of ServiceNow by 14.6% during the fourth quarter. American Century Companies Inc. now owns 1,772,188 shares of the information technology services provider’s stock worth $315,538,000 after acquiring an additional 226,028 shares during the last quarter. Institutional investors own 93.08% of the company’s stock.
A number of analysts have recently issued reports on NOW shares. Goldman Sachs Group lifted their target price on ServiceNow from $260.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, February 25th. They noted that the move was a valuation call. Zacks Investment Research raised ServiceNow from a “hold” rating to a “buy” rating and set a $299.00 target price on the stock in a research report on Tuesday, April 30th. Needham & Company LLC lifted their target price on ServiceNow to $267.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Bank of America reaffirmed a “buy” rating and set a $267.00 target price (up from $235.00) on shares of ServiceNow in a research report on Thursday, April 25th. Finally, Deutsche Bank lifted their target price on ServiceNow from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. ServiceNow presently has an average rating of “Buy” and a consensus price target of $270.68.
In related news, insider Patricia L. Wadors sold 1,559 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $263.61, for a total value of $410,967.99. Following the completion of the sale, the insider now directly owns 3,093 shares of the company’s stock, valued at $815,345.73. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frederic B. Luddy sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $237.38, for a total value of $5,222,360.00. Following the transaction, the director now directly owns 1,770 shares of the company’s stock, valued at $420,162.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,685 shares of company stock valued at $30,437,964. 1.00% of the stock is owned by corporate insiders.
Shares of ServiceNow stock opened at $273.79 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market capitalization of $49.70 billion, a P/E ratio of 1,368.95, a PEG ratio of 19.76 and a beta of 1.41. ServiceNow Inc has a fifty-two week low of $147.63 and a fifty-two week high of $281.74.
ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.10. The firm had revenue of $788.93 million during the quarter, compared to analyst estimates of $768.09 million. ServiceNow had a positive return on equity of 1.64% and a negative net margin of 1.38%. ServiceNow’s quarterly revenue was up 33.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 earnings per share. Equities research analysts anticipate that ServiceNow Inc will post 0.48 earnings per share for the current fiscal year.
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ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
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