Highland Capital Management LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Highland Capital Management LLC acquired a new position in ServiceNow, Inc. (NYSE:NOWGet Rating) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 3,228 shares of the information technology services provider’s stock, valued at approximately $1,535,000.

A number of other hedge funds also recently bought and sold shares of NOW. Edgewood Management LLC acquired a new position in shares of ServiceNow during the first quarter valued at about $1,515,281,000. Norges Bank bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC grew its stake in shares of ServiceNow by 57.9% during the first quarter. Fisher Asset Management LLC now owns 1,413,079 shares of the information technology services provider’s stock valued at $786,930,000 after purchasing an additional 518,349 shares during the last quarter. Capital International Investors boosted its stake in ServiceNow by 18.1% in the first quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after acquiring an additional 491,835 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of ServiceNow by 1.9% during the first quarter. Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock worth $9,074,862,000 after purchasing an additional 306,106 shares in the last quarter. 87.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NOW. KeyCorp lowered their price target on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Mizuho lowered their price objective on shares of ServiceNow from $520.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Canaccord Genuity Group reduced their price objective on shares of ServiceNow from $615.00 to $510.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Credit Suisse Group lowered their price objective on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Finally, Moffett Nathanson assumed coverage on shares of ServiceNow in a report on Thursday. They set a “hold” rating and a $553.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $593.29.

ServiceNow Stock Down 3.6 %

Shares of NYSE NOW opened at $386.97 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market cap of $78.17 billion, a price-to-earnings ratio of 425.24, a PEG ratio of 8.17 and a beta of 0.94. ServiceNow, Inc. has a 1 year low of $386.70 and a 1 year high of $707.60. The stock’s 50-day simple moving average is $454.93 and its 200-day simple moving average is $479.32.

ServiceNow (NYSE:NOWGet Rating) last issued its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.76 billion. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. ServiceNow’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 earnings per share. As a group, equities analysts anticipate that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the sale, the director now directly owns 33,600 shares in the company, valued at $16,699,536. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now owns 33,600 shares of the company’s stock, valued at $16,699,536. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Jackson sold 707 shares of the stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $446.40, for a total transaction of $315,604.80. Following the sale, the director now directly owns 660 shares in the company, valued at $294,624. The disclosure for this sale can be found here. Insiders have sold a total of 32,922 shares of company stock valued at $15,146,557 in the last three months. 0.28% of the stock is currently owned by company insiders.

ServiceNow Profile

(Get Rating)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

Further Reading

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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