Quantitative Investment Management LLC Makes New $8.74 Million Investment in ServiceNow, Inc. $NOW

Quantitative Investment Management LLC acquired a new position in ServiceNow, Inc. (NYSE:NOW) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,982 shares of the information technology services provider’s stock, valued at approximately $8,743,000. ServiceNow makes up about 0.8% of Quantitative Investment Management LLC’s investment portfolio, making the stock its 25th biggest position.

A number of other institutional investors and hedge funds also recently bought and sold shares of NOW. GAMMA Investing LLC boosted its stake in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Nuveen LLC acquired a new position in ServiceNow in the first quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in ServiceNow by 36.7% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider’s stock worth $1,940,464,000 after purchasing an additional 491,861 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,096 shares of company stock valued at $14,807,562. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NOW shares. Wall Street Zen raised ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, July 29th. Raymond James Financial upped their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. BMO Capital Markets upped their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. DA Davidson upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Stifel Nicolaus upped their price target on ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,115.20.

ServiceNow Trading Up 1.0%

NYSE:NOW opened at $885.7930 on Friday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The business’s 50-day moving average price is $955.00 and its two-hundred day moving average price is $929.03. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $184.24 billion, a price-to-earnings ratio of 111.56, a PEG ratio of 4.00 and a beta of 0.93.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 earnings per share. The company’s quarterly revenue was up 22.4% on a year-over-year basis. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.