William Blair Investment Management LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 256,416 shares of the information technology services provider’s stock, valued at approximately $144,098,000. William Blair Investment Management LLC owned approximately 0.13% of ServiceNow at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Barrett & Company Inc. purchased a new stake in shares of ServiceNow during the first quarter valued at $28,000. High Net Worth Advisory Group LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at approximately $29,000. Altshuler Shaham Ltd purchased a new position in ServiceNow during the 2nd quarter worth approximately $30,000. Larson Financial Group LLC grew its position in ServiceNow by 153.8% during the 1st quarter. Larson Financial Group LLC now owns 66 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 40 shares in the last quarter. Finally, Global Trust Asset Management LLC raised its stake in ServiceNow by 1,425.0% during the 2nd quarter. Global Trust Asset Management LLC now owns 61 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 57 shares during the period. 87.14% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on NOW. Wells Fargo & Company lifted their price target on ServiceNow from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Thursday, October 26th. Guggenheim reiterated a “buy” rating and issued a $657.00 target price on shares of ServiceNow in a report on Thursday, October 19th. BMO Capital Markets decreased their price target on shares of ServiceNow from $630.00 to $615.00 and set an “outperform” rating for the company in a report on Tuesday, October 24th. Evercore ISI boosted their price objective on shares of ServiceNow from $550.00 to $650.00 and gave the company an “overweight” rating in a research report on Tuesday, August 15th. Finally, TheStreet downgraded shares of ServiceNow from a “b” rating to a “c+” rating in a research report on Wednesday, October 25th. Two investment analysts have rated the stock with a hold rating and twenty-eight have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $614.77.
ServiceNow Price Performance
ServiceNow stock traded up $10.64 during mid-day trading on Monday, hitting $665.00. 602,837 shares of the company were exchanged, compared to its average volume of 1,412,551. ServiceNow, Inc. has a 1-year low of $353.62 and a 1-year high of $666.66. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average of $577.93 and a 200 day moving average of $558.60. The company has a market capitalization of $136.33 billion, a PE ratio of 84.76, a price-to-earnings-growth ratio of 5.68 and a beta of 0.99.
ServiceNow (NYSE:NOW – Get Free Report) last released its quarterly earnings results on Wednesday, October 25th. The information technology services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.32. ServiceNow had a net margin of 18.72% and a return on equity of 12.25%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.27 billion. As a group, sell-side analysts expect that ServiceNow, Inc. will post 4.06 earnings per share for the current year.
Insider Transactions at ServiceNow
In other ServiceNow news, insider Christopher Bedi sold 1,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $554.75, for a total transaction of $554,750.00. Following the transaction, the insider now owns 15,484 shares of the company’s stock, valued at approximately $8,589,749. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other ServiceNow news, insider Christopher Bedi sold 1,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $554.75, for a total transaction of $554,750.00. Following the transaction, the insider now directly owns 15,484 shares in the company, valued at approximately $8,589,749. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 56 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $616.08, for a total transaction of $34,500.48. Following the sale, the general counsel now directly owns 4,225 shares of the company’s stock, valued at $2,602,938. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,656 shares of company stock worth $5,649,228. Corporate insiders own 0.24% of the company’s stock.
ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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