Praesidium Investment Management Company LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 367,379 shares of the information technology services provider’s stock after buying an additional 29,735 shares during the period. ServiceNow comprises 2.6% of Praesidium Investment Management Company LLC’s investment portfolio, making the stock its 14th largest position. Praesidium Investment Management Company LLC owned about 0.22% of ServiceNow worth $32,135,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Tudor Investment Corp Et Al purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $207,000. Marshall Wace LLP boosted its stake in shares of ServiceNow by 1,109.2% in the fourth quarter. Marshall Wace LLP now owns 47,366 shares of the information technology services provider’s stock valued at $3,521,000 after buying an additional 43,449 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $408,000. Gulf International Bank UK Ltd boosted its stake in shares of ServiceNow by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 50,351 shares of the information technology services provider’s stock valued at $4,404,000 after buying an additional 500 shares during the last quarter. Finally, AlphaOne Investment Services LLC purchased a new stake in shares of ServiceNow during the first quarter valued at approximately $360,000. 97.68% of the stock is currently owned by institutional investors.
Shares of ServiceNow, Inc. (NOW) traded down 0.57% on Tuesday, hitting $103.01. The stock had a trading volume of 1,921,990 shares. The stock’s 50-day moving average price is $101.39 and its 200 day moving average price is $89.54. The company’s market cap is $17.48 billion. ServiceNow, Inc. has a 52 week low of $63.51 and a 52 week high of $110.66. ServiceNow also saw unusually large options trading on Monday. Stock investors bought 9,103 put options on the stock. This represents an increase of 562% compared to the average daily volume of 1,376 put options.
ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 26th. The information technology services provider reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. ServiceNow had a negative return on equity of 31.34% and a negative net margin of 10.60%. The business had revenue of $416.80 million for the quarter, compared to the consensus estimate of $409.26 million. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The business’s revenue was up 36.3% compared to the same quarter last year. On average, analysts predict that ServiceNow, Inc. will post $1.16 EPS for the current year.
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NOW has been the subject of several recent research reports. Morgan Stanley reissued an “overweight” rating and issued a $108.00 price target on shares of ServiceNow in a research note on Wednesday, March 8th. Canaccord Genuity reissued a “buy” rating and issued a $105.00 price target on shares of ServiceNow in a research note on Friday, April 21st. Zacks Investment Research raised ServiceNow from a “hold” rating to a “buy” rating and set a $106.00 price target for the company in a research note on Friday, April 28th. BTIG Research reissued a “buy” rating on shares of ServiceNow in a research note on Monday, April 24th. Finally, Mizuho reissued a “buy” rating and issued a $100.00 price target on shares of ServiceNow in a research note on Tuesday, February 28th. Six equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $103.55.
In other news, insider John J. Donahoe purchased 11,236 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The stock was acquired at an average cost of $98.05 per share, with a total value of $1,101,689.80. Following the acquisition, the insider now owns 5,618 shares in the company, valued at approximately $550,844.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John J. Donahoe purchased 5,618 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The shares were purchased at an average cost of $97.93 per share, with a total value of $550,170.74. Following the completion of the acquisition, the chief executive officer now owns 5,618 shares in the company, valued at approximately $550,170.74. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 696,673 shares of company stock valued at $64,476,246. 5.90% of the stock is currently owned by insiders.
ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.
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