SCS Capital Management LLC Takes Position in ServiceNow, Inc. $NOW

SCS Capital Management LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, HoldingsChannel reports. The fund bought 34,555 shares of the information technology services provider’s stock, valued at approximately $3,431,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in ServiceNow by 404.5% in the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after acquiring an additional 81,752,460 shares in the last quarter. State Street Corp boosted its position in ServiceNow by 406.6% during the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock worth $7,337,280,000 after acquiring an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after purchasing an additional 25,517,218 shares during the period. Geode Capital Management LLC increased its holdings in shares of ServiceNow by 404.8% in the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the period. Finally, Morgan Stanley lifted its position in shares of ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after purchasing an additional 17,514,679 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 0.1%

NOW stock opened at $124.08 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73. The company has a 50-day moving average of $107.08 and a two-hundred day moving average of $105.59. The stock has a market capitalization of $128.29 billion, a price-to-earnings ratio of 77.55, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current year.

Analyst Ratings Changes

NOW has been the subject of several research reports. Citic Securities decreased their price target on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating for the company in a report on Thursday, May 21st. CLSA started coverage on shares of ServiceNow in a research note on Monday, July 20th. They issued an “underperform” rating and a $72.00 price objective on the stock. Raymond James Financial cut their target price on shares of ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. KeyCorp reissued an “underweight” rating on shares of ServiceNow in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company restated an “overweight” rating and set a $175.00 price target (up from $160.00) on shares of ServiceNow in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $143.76.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.