Pioneer Investment Management Inc. Sells 696 Shares of ServiceNow, Inc. (NYSE:NOW)
Pioneer Investment Management Inc. cut its stake in ServiceNow, Inc. (NYSE:NOW) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 177,693 shares of the information technology services provider’s stock after selling 696 shares during the period. Pioneer Investment Management Inc.’s holdings in ServiceNow were worth $18,835,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Barrett Asset Management LLC acquired a new stake in ServiceNow during the second quarter valued at approximately $117,000. Seven Bridges Advisors LLC increased its position in shares of ServiceNow by 45.3% in the second quarter. Seven Bridges Advisors LLC now owns 2,286 shares of the information technology services provider’s stock valued at $242,000 after buying an additional 713 shares during the last quarter. British Airways Pensions Investment Management Ltd purchased a new position in shares of ServiceNow during the second quarter valued at $12,533,000. Pictet Asset Management Ltd. increased its position in shares of ServiceNow by 19.7% in the second quarter. Pictet Asset Management Ltd. now owns 541,300 shares of the information technology services provider’s stock valued at $56,647,000 after buying an additional 89,200 shares during the last quarter. Finally, TD Asset Management Inc. increased its position in shares of ServiceNow by 15.5% in the second quarter. TD Asset Management Inc. now owns 328,849 shares of the information technology services provider’s stock valued at $34,858,000 after buying an additional 44,054 shares during the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.
Shares of ServiceNow, Inc. (NOW) opened at 104.42 on Friday. ServiceNow, Inc. has a 52-week low of $71.25 and a 52-week high of $115.85. The firm’s market cap is $17.80 billion. The company’s 50-day moving average is $108.32 and its 200-day moving average is $96.87.
ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The company had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. During the same period last year, the business earned $0.15 EPS. The business’s quarterly revenue was up 38.2% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post $1.17 earnings per share for the current fiscal year.
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Several research analysts recently weighed in on the stock. OTR Global downgraded shares of ServiceNow to a “positive” rating in a research note on Friday, July 14th. Guggenheim reissued a “buy” rating and issued a $120.00 target price (up previously from $108.00) on shares of ServiceNow in a research note on Thursday, July 27th. Barclays PLC boosted their target price on shares of ServiceNow from $120.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Raymond James Financial, Inc. boosted their target price on shares of ServiceNow from $110.00 to $126.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 27th. Finally, Cowen and Company reissued an “outperform” rating and issued a $123.00 target price (up previously from $110.00) on shares of ServiceNow in a research note on Thursday, July 27th. Eight investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $115.96.
In related news, Director Frank Slootman sold 252,211 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $109.19, for a total value of $27,538,919.09. Following the transaction, the director now directly owns 356,287 shares of the company’s stock, valued at approximately $38,902,977.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederic B. Luddy sold 167,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $108.34, for a total value of $18,092,780.00. Following the completion of the transaction, the director now directly owns 11,190 shares in the company, valued at $1,212,324.60. The disclosure for this sale can be found here. Insiders have sold a total of 763,177 shares of company stock valued at $82,424,382 over the last ninety days. Company insiders own 3.30% of the company’s stock.
ServiceNow Company Profile
ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.
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