Taylor Hoffman Wealth Management grew its stake in shares of ServiceNow Inc (NYSE:NOW) by 29.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,064 shares of the information technology services provider’s stock after purchasing an additional 703 shares during the quarter. Taylor Hoffman Wealth Management’s holdings in ServiceNow were worth $778,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in NOW. Nuveen Asset Management LLC raised its position in shares of ServiceNow by 6,404.4% during the second quarter. Nuveen Asset Management LLC now owns 3,408,996 shares of the information technology services provider’s stock valued at $936,008,000 after buying an additional 3,356,585 shares during the last quarter. Jennison Associates LLC increased its position in ServiceNow by 47.8% in the second quarter. Jennison Associates LLC now owns 4,489,468 shares of the information technology services provider’s stock worth $1,232,673,000 after purchasing an additional 1,452,900 shares during the last quarter. Vanguard Group Inc. increased its position in ServiceNow by 4.2% in the second quarter. Vanguard Group Inc. now owns 11,185,853 shares of the information technology services provider’s stock worth $3,071,300,000 after purchasing an additional 446,564 shares during the last quarter. Renaissance Technologies LLC bought a new stake in ServiceNow in the second quarter worth $69,741,000. Finally, PointState Capital LP increased its position in ServiceNow by 112.6% in the second quarter. PointState Capital LP now owns 390,951 shares of the information technology services provider’s stock worth $107,343,000 after purchasing an additional 207,051 shares during the last quarter. Hedge funds and other institutional investors own 90.97% of the company’s stock.
Several equities research analysts recently weighed in on NOW shares. Mizuho cut shares of ServiceNow from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $308.00 to $230.00 in a research report on Wednesday, October 23rd. BMO Capital Markets reduced their price target on shares of ServiceNow from $315.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Stifel Nicolaus upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and boosted their price target for the stock from $290.00 to $320.00 in a research report on Wednesday, August 21st. Bank of America restated a “buy” rating and issued a $330.00 price target (up previously from $300.00) on shares of ServiceNow in a research report on Thursday, July 25th. Finally, Jefferies Financial Group boosted their price target on shares of ServiceNow from $285.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. ServiceNow has a consensus rating of “Buy” and a consensus price target of $292.31.
In other news, CFO Michael Scarpelli sold 31,183 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $260.22, for a total transaction of $8,114,440.26. Following the completion of the sale, the chief financial officer now directly owns 36,200 shares of the company’s stock, valued at $9,419,964. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederic B. Luddy sold 22,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $260.24, for a total transaction of $5,725,280.00. Following the sale, the director now directly owns 1,213 shares of the company’s stock, valued at $315,671.12. The disclosure for this sale can be found here. Insiders have sold 84,854 shares of company stock valued at $22,294,182 over the last three months. Insiders own 1.00% of the company’s stock.
NOW stock traded up $7.56 during mid-day trading on Friday, reaching $248.45. 1,825,086 shares of the stock traded hands, compared to its average volume of 1,975,001. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.05 and a current ratio of 1.05. ServiceNow Inc has a one year low of $147.63 and a one year high of $303.17. The stock has a market capitalization of $45.35 billion, a PE ratio of 1,242.25, a PEG ratio of 17.96 and a beta of 1.28. The business has a 50-day moving average price of $253.22 and a two-hundred day moving average price of $267.00.
ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.81. The business had revenue of $885.80 million for the quarter, compared to analysts’ expectations of $885.53 million. ServiceNow had a net margin of 1.09% and a return on equity of 6.62%. The business’s revenue was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.68 earnings per share. On average, equities analysts expect that ServiceNow Inc will post 0.48 earnings per share for the current fiscal year.
ServiceNow Company Profile
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.
Further Reading: What is channel trading?
Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow Inc (NYSE:NOW).
Receive News & Ratings for ServiceNow Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ServiceNow and related companies with MarketBeat.com's FREE daily email newsletter.