Partner Investment Management L.P. acquired a new stake in shares of ServiceNow Inc. (NYSE:NOW) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,997 shares of the company’s stock, valued at approximately $1,187,000. ServiceNow comprises approximately 1.8% of Partner Investment Management L.P.’s investment portfolio, making the stock its 19th largest position.
A number of other large investors have also added to or reduced their stakes in the stock. Capstone Asset Management Co. acquired a new stake in ServiceNow during the second quarter valued at approximately $231,000. Shinko Asset Management Co. Ltd. increased its stake in ServiceNow by 5,654.3% in the second quarter. Shinko Asset Management Co. Ltd. now owns 26,470 shares of the company’s stock valued at $1,758,000 after buying an additional 26,010 shares during the period. Shell Asset Management Co. increased its stake in ServiceNow by 36.3% in the second quarter. Shell Asset Management Co. now owns 10,391 shares of the company’s stock valued at $690,000 after buying an additional 2,765 shares during the period. Bank of Montreal Can acquired a new stake in ServiceNow during the second quarter valued at approximately $6,138,000. Finally, RS Investment Management Co. LLC acquired a new stake in ServiceNow during the second quarter valued at approximately $1,080,000. 98.55% of the stock is currently owned by institutional investors and hedge funds.
ServiceNow Inc. (NYSE:NOW) traded down 0.18% during trading on Thursday, reaching $82.70. The company’s stock had a trading volume of 1,302,082 shares. The firm’s 50-day moving average price is $79.06 and its 200 day moving average price is $77.59. The company’s market capitalization is $13.73 billion. ServiceNow Inc. has a 12-month low of $46.00 and a 12-month high of $89.79.
ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, October 26th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.02. ServiceNow had a negative return on equity of 38.73% and a negative net margin of 35.38%. The business had revenue of $357.66 million for the quarter, compared to the consensus estimate of $352.16 million. During the same quarter in the previous year, the company posted $0.16 EPS. The company’s revenue was up 37.0% compared to the same quarter last year. On average, analysts predict that ServiceNow Inc. will post $0.69 earnings per share for the current fiscal year.
NOW has been the topic of several recent research reports. OTR Global downgraded shares of ServiceNow to a “positive” rating in a report on Wednesday, October 12th. Mizuho upped their price objective on shares of ServiceNow from $85.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, October 27th. Wunderlich upped their price objective on shares of ServiceNow from $85.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, October 27th. BMO Capital Markets raised shares of ServiceNow from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $85.00 to $97.00 in a report on Thursday, October 27th. Finally, DA Davidson set a $102.00 price target on ServiceNow and gave the company a “buy” rating in a research report on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. ServiceNow has a consensus rating of “Buy” and a consensus target price of $84.05.
In other news, Director Frederic B. Luddy sold 154,000 shares of the business’s stock in a transaction that occurred on Thursday, January 12th. The stock was sold at an average price of $83.22, for a total transaction of $12,815,880.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frederic B. Luddy sold 199,000 shares of the business’s stock in a transaction that occurred on Thursday, December 22nd. The shares were sold at an average price of $76.04, for a total value of $15,131,960.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 908,901 shares of company stock worth $74,853,314. Corporate insiders own 5.90% of the company’s stock.
ServiceNow Company Profile
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.
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