Global Retirement Partners LLC Takes $7.91 Million Position in ServiceNow, Inc. $NOW

Global Retirement Partners LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 79,680 shares of the information technology services provider’s stock, valued at approximately $7,911,000.

Other large investors have also recently bought and sold shares of the company. Covenant Asset Management LLC boosted its position in ServiceNow by 169.2% during the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock worth $3,196,000 after purchasing an additional 13,114 shares in the last quarter. Norges Bank purchased a new position in shares of ServiceNow in the fourth quarter valued at $2,020,992,000. World Investment Advisors raised its stake in shares of ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock worth $7,346,000 after buying an additional 38,583 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after buying an additional 36,274 shares during the last quarter. Finally, Torray Investment Partners LLC boosted its position in shares of ServiceNow by 390.5% in the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider’s stock worth $6,224,000 after buying an additional 32,345 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

ServiceNow stock opened at $124.08 on Monday. The firm has a market capitalization of $128.29 billion, a P/E ratio of 77.55, a PEG ratio of 2.18 and a beta of 0.94. The stock has a fifty day moving average price of $107.08 and a 200 day moving average price of $105.59. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $194.73. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43.

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

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Mizuho lowered their price objective on shares of ServiceNow from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Thursday, April 23rd. Citigroup restated a “market outperform” rating on shares of ServiceNow in a research report on Thursday, July 23rd. FBN Securities reduced their price target on shares of ServiceNow from $160.00 to $120.00 in a report on Thursday, April 23rd. Capital One Financial increased their price target on shares of ServiceNow from $105.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of ServiceNow in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.