Teca Partners LP lifted its position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 19.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,491 shares of the information technology services provider’s stock after buying an additional 1,523 shares during the period. ServiceNow comprises 5.3% of Teca Partners LP’s investment portfolio, making the stock its 9th largest position. Teca Partners LP’s holdings in ServiceNow were worth $4,411,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of NOW. Norges Bank purchased a new position in ServiceNow in the 4th quarter worth approximately $872,202,000. GQG Partners LLC increased its stake in ServiceNow by 63,533.9% in the 1st quarter. GQG Partners LLC now owns 1,536,122 shares of the information technology services provider’s stock worth $713,867,000 after purchasing an additional 1,533,708 shares during the period. Moneta Group Investment Advisors LLC increased its stake in ServiceNow by 69,897.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock worth $332,386,000 after purchasing an additional 854,846 shares during the period. Winslow Capital Management LLC increased its stake in ServiceNow by 135.9% in the 4th quarter. Winslow Capital Management LLC now owns 1,272,706 shares of the information technology services provider’s stock worth $494,154,000 after purchasing an additional 733,234 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 5.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,835,423 shares of the information technology services provider’s stock worth $5,760,149,000 after purchasing an additional 727,494 shares during the period. 87.14% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts have commented on NOW shares. Morgan Stanley lifted their price target on ServiceNow from $586.00 to $630.00 in a research note on Thursday, July 27th. Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price objective on shares of ServiceNow in a research report on Friday, August 4th. Robert W. Baird lifted their price objective on ServiceNow from $640.00 to $650.00 in a research report on Thursday, July 27th. Guggenheim lifted their price objective on ServiceNow from $518.00 to $657.00 and gave the stock a “buy” rating in a research report on Wednesday, July 19th. Finally, Mizuho lifted their price objective on ServiceNow from $510.00 to $620.00 in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $591.38.
ServiceNow Stock Up 0.1 %
NOW stock opened at $600.11 on Friday. ServiceNow, Inc. has a 1-year low of $337.00 and a 1-year high of $614.36. The business has a fifty day moving average price of $570.93 and a 200-day moving average price of $512.11. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $122.27 billion, a P/E ratio of 86.47, a P/E/G ratio of 6.04 and a beta of 1.01.
ServiceNow (NYSE:NOW – Get Free Report) last posted its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.34. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.13 billion. ServiceNow had a return on equity of 11.07% and a net margin of 17.76%. Equities analysts forecast that ServiceNow, Inc. will post 3.59 earnings per share for the current fiscal year.
Insider Activity at ServiceNow
In related news, COO Chirantan Jitendra Desai sold 4,500 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $592.10, for a total transaction of $2,664,450.00. Following the completion of the sale, the chief operating officer now owns 41,307 shares in the company, valued at $24,457,874.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Chirantan Jitendra Desai sold 4,500 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $592.10, for a total transaction of $2,664,450.00. Following the completion of the sale, the chief operating officer now owns 41,307 shares in the company, valued at $24,457,874.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christopher Bedi sold 1,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $593.51, for a total value of $593,510.00. Following the sale, the insider now directly owns 15,484 shares of the company’s stock, valued at approximately $9,189,908.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,951 shares of company stock worth $10,147,437. 0.24% of the stock is owned by insiders.
About ServiceNow
ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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