ServiceNow Inc (NYSE:NOW) Shares Acquired by Westpac Banking Corp

Westpac Banking Corp increased its position in ServiceNow Inc (NYSE:NOW) by 45.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,708 shares of the information technology services provider’s stock after purchasing an additional 5,889 shares during the period. Westpac Banking Corp’s holdings in ServiceNow were worth $5,137,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. GQG Partners LLC boosted its stake in ServiceNow by 444.8% in the first quarter. GQG Partners LLC now owns 985,385 shares of the information technology services provider’s stock valued at $242,370,000 after acquiring an additional 804,514 shares during the period. Jennison Associates LLC boosted its stake in ServiceNow by 26.2% in the first quarter. Jennison Associates LLC now owns 3,036,568 shares of the information technology services provider’s stock valued at $748,484,000 after acquiring an additional 630,491 shares during the period. Carillon Tower Advisers Inc. boosted its stake in ServiceNow by 60.2% in the first quarter. Carillon Tower Advisers Inc. now owns 701,244 shares of the information technology services provider’s stock valued at $172,849,000 after acquiring an additional 263,615 shares during the period. CIBC Private Wealth Group LLC boosted its stake in ServiceNow by 4,071.9% in the first quarter. CIBC Private Wealth Group LLC now owns 201,126 shares of the information technology services provider’s stock valued at $49,576,000 after acquiring an additional 196,305 shares during the period. Finally, Eagle Asset Management Inc. boosted its stake in ServiceNow by 45.1% in the first quarter. Eagle Asset Management Inc. now owns 579,190 shares of the information technology services provider’s stock valued at $142,764,000 after acquiring an additional 180,026 shares during the period. Institutional investors and hedge funds own 93.66% of the company’s stock.

In related news, insider Chirantan Jitendra Desai sold 6,962 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $266.96, for a total transaction of $1,858,575.52. Following the sale, the insider now owns 29,578 shares of the company’s stock, valued at $7,896,142.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Michael Scarpelli sold 31,183 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $260.22, for a total value of $8,114,440.26. Following the sale, the chief financial officer now directly owns 36,200 shares in the company, valued at approximately $9,419,964. The disclosure for this sale can be found here. In the last three months, insiders have sold 124,321 shares of company stock worth $33,860,508. 1.00% of the stock is owned by corporate insiders.

A number of brokerages have commented on NOW. KeyCorp lifted their target price on ServiceNow from $270.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Raymond James lifted their target price on ServiceNow from $340.00 to $342.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Barclays lifted their target price on ServiceNow from $270.00 to $280.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. William Blair restated an “outperform” rating on shares of ServiceNow in a research note on Thursday, July 25th. Finally, Canaccord Genuity lifted their target price on ServiceNow from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Four analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $287.86.

Shares of NYSE NOW traded up $6.85 during midday trading on Friday, hitting $259.14. 17,590 shares of the company’s stock were exchanged, compared to its average volume of 1,980,444. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s 50 day moving average price is $282.36 and its 200-day moving average price is $259.51. The firm has a market cap of $49.16 billion, a P/E ratio of 1,287.95, a PEG ratio of 21.82 and a beta of 1.30. ServiceNow Inc has a twelve month low of $147.63 and a twelve month high of $303.17.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The business had revenue of $833.90 million during the quarter, compared to the consensus estimate of $831.50 million. ServiceNow had a return on equity of 4.29% and a net margin of 0.09%. The business’s revenue was up 32.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 earnings per share. On average, analysts expect that ServiceNow Inc will post 0.43 EPS for the current fiscal year.

About ServiceNow

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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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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