First Quadrant L P CA lifted its position in ServiceNow, Inc. (NYSE:NOW) by 58.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,633 shares of the information technology services provider’s stock after acquiring an additional 8,730 shares during the quarter. First Quadrant L P CA’s holdings in ServiceNow were worth $2,778,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Swiss National Bank grew its position in ServiceNow by 3.1% during the second quarter. Swiss National Bank now owns 606,600 shares of the information technology services provider’s stock valued at $64,300,000 after buying an additional 18,200 shares during the period. Allen Investment Management LLC bought a new position in ServiceNow during the second quarter valued at about $45,372,000. Utah Retirement Systems grew its position in ServiceNow by 6.3% during the second quarter. Utah Retirement Systems now owns 30,600 shares of the information technology services provider’s stock valued at $3,243,000 after buying an additional 1,800 shares during the period. Rockefeller Financial Services Inc. bought a new position in ServiceNow during the third quarter valued at about $138,000. Finally, Cornerstone Advisors Inc. grew its position in ServiceNow by 29.2% during the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock valued at $115,000 after buying an additional 245 shares during the period.
In related news, insider Michael Scarpelli sold 75,000 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $107.68, for a total transaction of $8,076,000.00. Following the completion of the sale, the insider now directly owns 252,368 shares in the company, valued at approximately $27,174,986.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 150,000 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $125.96, for a total value of $18,894,000.00. Following the sale, the director now owns 216,535 shares of the company’s stock, valued at $27,274,748.60. The disclosure for this sale can be found here. Insiders have sold a total of 1,070,142 shares of company stock worth $124,815,242 in the last three months. Corporate insiders own 3.30% of the company’s stock.
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Several equities analysts recently weighed in on NOW shares. BidaskClub lowered shares of ServiceNow from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Citigroup Inc. restated a “buy” rating and set a $135.00 price target (up previously from $109.00) on shares of ServiceNow in a research report on Saturday, July 22nd. Canaccord Genuity restated a “buy” rating and set a $130.00 price target (up previously from $110.00) on shares of ServiceNow in a research report on Thursday, July 27th. Guggenheim restated a “buy” rating and set a $120.00 price target (up previously from $108.00) on shares of ServiceNow in a research report on Thursday, July 27th. Finally, Robert W. Baird restated a “buy” rating and set a $120.00 price target on shares of ServiceNow in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-nine have issued a buy rating and three have issued a strong buy rating to the company’s stock. ServiceNow has an average rating of “Buy” and a consensus target price of $126.57.
ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.06. ServiceNow had a negative return on equity of 23.64% and a negative net margin of 8.68%. The business had revenue of $498.20 million for the quarter, compared to the consensus estimate of $491.62 million. During the same quarter in the prior year, the company earned $0.23 EPS. The business’s revenue was up 39.3% compared to the same quarter last year.
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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