440 Investment Group LLC Buys Shares of 6,000 ServiceNow, Inc. (NOW)
440 Investment Group LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) during the second quarter, Holdings Channel reports. The firm bought 6,000 shares of the information technology services provider’s stock, valued at approximately $636,000.
A number of other institutional investors have also recently modified their holdings of the company. Cornerstone Advisors Inc. raised its position in shares of ServiceNow by 29.2% in the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock worth $115,000 after buying an additional 245 shares during the period. Barrett Asset Management LLC purchased a new position in shares of ServiceNow during the second quarter worth about $117,000. Crow Point Partners LLC raised its position in shares of 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 worth $140,000 after buying an additional 107 shares during the period. Global X Management Co. LLC raised its position in shares of 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 worth $123,000 after buying an additional 330 shares during the period. Finally, Hartford Financial Management Inc. purchased a new position in shares of ServiceNow during the first quarter worth about $125,000. Institutional investors own 97.53% of the company’s stock.
ServiceNow, Inc. (NYSE NOW) opened at 106.05 on Friday. The firm’s market capitalization is $18.10 billion. ServiceNow, Inc. has a one year low of $71.25 and a one year high of $115.85. The stock’s 50 day moving average price is $108.29 and its 200 day moving average price is $97.03.
ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. The company had revenue of $471.70 million for the quarter, compared to analyst estimates of $462.11 million. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. ServiceNow’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same quarter last year, the business earned $0.15 EPS. Analysts expect that ServiceNow, Inc. will post $1.17 EPS for the current year.
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A number of research firms have weighed in on NOW. UBS AG reiterated a “buy” rating and set a $110.00 price objective (up previously from $101.00) on shares of ServiceNow in a research note on Friday, April 28th. Royal Bank Of Canada lifted their price objective on ServiceNow from $110.00 to $126.00 and gave the company a “top pick” rating in a research note on Monday, July 24th. Canaccord Genuity reiterated a “buy” rating and set a $130.00 price objective (up previously from $110.00) on shares of ServiceNow in a research note on Thursday, July 27th. BidaskClub upgraded ServiceNow from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 2nd. Finally, Barclays PLC lifted their price objective on ServiceNow from $120.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Eight research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $115.96.
In other ServiceNow news, CRO David Schneider sold 2,243 shares of ServiceNow stock in a transaction on Monday, May 15th. The shares were sold at an average price of $97.04, for a total value of $217,660.72. Following the transaction, the executive now owns 47,654 shares in the company, valued at approximately $4,624,344.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 252,211 shares of ServiceNow stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $109.19, for a total transaction of $27,538,919.09. Following the completion of the transaction, the director now owns 356,287 shares in the company, valued at approximately $38,902,977.53. The disclosure for this sale can be found here. In the last quarter, insiders sold 763,177 shares of company stock worth $82,424,382. 3.30% of the stock is owned by company 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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