HMI Capital Management L.P. Makes New $41.31 Million Investment in ServiceNow, Inc. $NOW

HMI Capital Management L.P. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 416,100 shares of the information technology services provider’s stock, valued at approximately $41,310,000. ServiceNow accounts for 5.8% of HMI Capital Management L.P.’s investment portfolio, making the stock its 8th biggest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in ServiceNow during the 2nd quarter worth approximately $9,536,615,000. State Street Corp raised its stake in ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in ServiceNow by 371.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after purchasing an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after buying an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley boosted its stake in ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock valued at $3,482,543,000 after acquiring an additional 17,514,679 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citizens Jmp reiterated a “market outperform” rating and set a $157.00 price target on shares of ServiceNow in a research note on Tuesday, May 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $130.00 price objective on shares of ServiceNow in a report on Thursday, July 23rd. Guggenheim upgraded shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday, July 1st. CLSA assumed coverage on shares of ServiceNow in a research note on Monday, July 20th. They set an “underperform” rating and a $72.00 price target on the stock. Finally, Benchmark reiterated a “buy” rating on shares of ServiceNow in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $144.24.

Insider Buying and Selling

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the transaction, the director owned 46,690 shares of the company’s stock, valued at approximately $5,864,264. This trade represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.34% of the company’s stock.

ServiceNow Stock Down 0.3%

Shares of NYSE NOW opened at $128.09 on Tuesday. The firm’s 50-day moving average is $109.36 and its two-hundred day moving average is $105.79. The company has a market capitalization of $132.45 billion, a PE ratio of 80.06, a price-to-earnings-growth ratio of 2.26 and a beta of 0.94. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73. 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 (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. During the same period last year, the company posted $0.81 EPS. The company’s revenue was up 24.0% on a year-over-year basis. Equities analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

About ServiceNow

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.