The Peregrine Capital Management LLC Buys New Position in ServiceNow, Inc. (NOW)

The Peregrine Capital Management LLC Buys New Position in ServiceNow, Inc. (NOW)

Other hedge funds and other institutional investors have also made changes to their positions in the company. Crow Point Partners LLC increased its stake in ServiceNow by 8.8% in the second quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock valued at $140,000 after buying an additional 107 shares in the last quarter. Global X Management Co. LLC increased its stake in ServiceNow by 30.6% in the first quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock valued at $123,000 after buying an additional 330 shares in the last quarter. Hartford Financial Management Inc. purchased a new stake in ServiceNow during the first quarter valued at about $125,000. TLP Group LLC purchased a new stake in ServiceNow during the first quarter valued at about $131,000. Finally, First Personal Financial Services increased its stake in ServiceNow by 37.5% in the first quarter. First Personal Financial Services now owns 1,623 shares of the information technology services provider’s stock valued at $142,000 after buying an additional 443 shares in the last quarter. Institutional investors own 97.50% of the company’s stock.

Peregrine Capital Management LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 97,380 shares of the information technology services provider’s stock, valued at approximately $10,322,000. Peregrine Capital Management LLC owned 0.06% of ServiceNow as of its most recent filing with the SEC.

Shares of ServiceNow, Inc. (NYSE NOW) traded down 3.56% during midday trading on Wednesday, hitting $106.81. 658,431 shares of the company were exchanged. ServiceNow, Inc. has a one year low of $71.25 and a one year high of $115.85. The company has a 50-day moving average of $107.37 and a 200 day moving average of $95.91. The company’s market capitalization is $18.20 billion.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The firm had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative return on equity of 30.72% and a negative net margin of 10.17%. The business’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.15 earnings per share. On average, equities research analysts expect that ServiceNow, Inc. will post $1.17 earnings per share for the current fiscal year.

Several research firms recently issued reports on NOW. Piper Jaffray Companies reaffirmed a “hold” rating on shares of ServiceNow in a report on Friday, July 28th. TheStreet raised shares of ServiceNow from a “d” rating to a “c-” rating in a report on Wednesday, July 26th. Stifel Nicolaus reaffirmed a “hold” rating and set a $110.00 price objective (up from $93.00) on shares of ServiceNow in a report on Thursday, July 27th. Cowen and Company reaffirmed an “outperform” rating and set a $123.00 price objective (up from $110.00) on shares of ServiceNow in a report on Thursday, July 27th. Finally, Raymond James Financial, Inc. increased their price target on shares of ServiceNow from $110.00 to $126.00 and gave the company a “strong-buy” rating in a report on Thursday, July 27th. Eight research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. ServiceNow currently has a consensus rating of “Buy” and a consensus price target of $114.76.

In other ServiceNow news, Director Frederic B. Luddy sold 102,000 shares of the business’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $94.96, for a total transaction of $9,685,920.00. Following the completion of the transaction, the director now owns 6,232 shares of the company’s stock, valued at $591,790.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CRO David Schneider sold 2,243 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $97.04, for a total value of $217,660.72. Following the transaction, the executive now directly owns 47,654 shares of the company’s stock, valued at approximately $4,624,344.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 581,673 shares of company stock valued at $61,196,746. Insiders own 3.30% of the company’s stock.

About ServiceNow

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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