Marshall Wace LLP Raises Stake in ServiceNow Inc (NOW)
Marshall Wace LLP lifted its position in ServiceNow Inc (NYSE:NOW) by 2,885.4% during the 3rd quarter, Holdings Channel reports. The firm owned 297,678 shares of the information technology services provider’s stock after acquiring an additional 287,707 shares during the quarter. Marshall Wace LLP’s holdings in ServiceNow were worth $58,235,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Clearbridge Investments LLC increased its stake in ServiceNow by 24.8% during the third quarter. Clearbridge Investments LLC now owns 403,455 shares of the information technology services provider’s stock worth $78,928,000 after acquiring an additional 80,104 shares during the last quarter. Legal & General Group Plc increased its stake in ServiceNow by 1.0% during the third quarter. Legal & General Group Plc now owns 676,791 shares of the information technology services provider’s stock worth $132,416,000 after acquiring an additional 6,460 shares during the last quarter. Standard Life Aberdeen plc increased its stake in ServiceNow by 3.9% during the third quarter. Standard Life Aberdeen plc now owns 9,967 shares of the information technology services provider’s stock worth $1,950,000 after acquiring an additional 376 shares during the last quarter. Rehmann Capital Advisory Group increased its stake in ServiceNow by 19,463.0% during the third quarter. Rehmann Capital Advisory Group now owns 161,786 shares of the information technology services provider’s stock worth $827,000 after acquiring an additional 160,959 shares during the last quarter. Finally, Financial Enhancement Group LLC bought a new stake in ServiceNow during the third quarter worth approximately $488,000. 94.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NOW traded up $6.75 during mid-day trading on Thursday, reaching $187.60. 2,678,288 shares of the company’s stock traded hands, compared to its average volume of 1,972,245. The stock has a market cap of $32.43 billion, a price-to-earnings ratio of -178.67, a P/E/G ratio of 33.21 and a beta of 1.28. ServiceNow Inc has a 12 month low of $117.36 and a 12 month high of $206.29. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.26 and a current ratio of 1.26.
Several equities research analysts have weighed in on the company. ValuEngine raised ServiceNow from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 1st. Jefferies Financial Group assumed coverage on ServiceNow in a research note on Monday, October 1st. They set a “buy” rating and a $240.00 price objective on the stock. Needham & Company LLC assumed coverage on ServiceNow in a research note on Monday, October 22nd. They set a “buy” rating and a $224.00 price objective on the stock. Morgan Stanley reduced their price objective on ServiceNow from $198.00 to $188.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 23rd. Finally, Macquarie set a $210.00 price objective on ServiceNow and gave the stock a “buy” rating in a research note on Friday, October 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. ServiceNow currently has a consensus rating of “Buy” and a consensus target price of $203.44.
In related news, insider Chirantan Jitendra Desai sold 2,031 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $199.84, for a total value of $405,875.04. Following the completion of the sale, the insider now owns 7,174 shares in the company, valued at $1,433,652.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald E. F. Codd sold 12,030 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $170.90, for a total value of $2,055,927.00. Following the completion of the sale, the director now owns 35,458 shares of the company’s stock, valued at approximately $6,059,772.20. The disclosure for this sale can be found here. Insiders sold 212,718 shares of company stock valued at $37,324,308 in the last quarter. 1.60% of the stock is owned by company insiders.
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ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.
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