Schroder Investment Management Group Has $3,166,000 Stake in ServiceNow Inc. (NOW)
Schroder Investment Management Group increased its stake in ServiceNow Inc. (NYSE:NOW) by 100.5% during the second quarter, Holdings Channel reports. The institutional investor owned 47,680 shares of the company’s stock after buying an additional 23,900 shares during the period. Schroder Investment Management Group’s holdings in ServiceNow were worth $3,166,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. State Street Corp increased its stake in shares of ServiceNow by 3.9% in the first quarter. State Street Corp now owns 2,817,471 shares of the company’s stock worth $172,380,000 after buying an additional 106,720 shares during the period. Geode Capital Management LLC increased its stake in shares of ServiceNow by 4.4% in the first quarter. Geode Capital Management LLC now owns 877,926 shares of the company’s stock worth $53,680,000 after buying an additional 36,634 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of ServiceNow during the first quarter worth about $214,000. National Pension Service increased its stake in shares of ServiceNow by 4.4% in the first quarter. National Pension Service now owns 102,276 shares of the company’s stock worth $6,257,000 after buying an additional 4,346 shares during the period. Finally, Canada Pension Plan Investment Board increased its stake in shares of ServiceNow by 8,434.4% in the first quarter. Canada Pension Plan Investment Board now owns 35,930 shares of the company’s stock worth $2,198,000 after buying an additional 35,509 shares during the period. Institutional investors and hedge funds own 95.72% of the company’s stock.
ServiceNow Inc. (NYSE:NOW) traded up 0.60% during midday trading on Wednesday, reaching $75.73. The company’s stock had a trading volume of 682,705 shares. The company’s market cap is $12.46 billion. ServiceNow Inc. has a 12-month low of $46.00 and a 12-month high of $91.28. The firm has a 50 day moving average price of $74.52 and a 200-day moving average price of $69.86.
ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The business earned $341.30 million during the quarter, compared to analyst estimates of $334.07 million. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. The company’s revenue for the quarter was up 38.3% on a year-over-year basis. During the same period last year, the company earned $0.05 EPS. On average, equities research analysts predict that ServiceNow Inc. will post $0.65 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on NOW. Mizuho upgraded ServiceNow from a “neutral” rating to a “buy” rating and lifted their price target for the company from $70.00 to $85.00 in a research report on Friday, July 15th. MKM Partners lifted their price target on ServiceNow from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $90.00 price target on shares of ServiceNow in a research report on Friday, July 15th. Guggenheim began coverage on ServiceNow in a research report on Wednesday, September 14th. They set a “buy” rating and a $90.00 price target for the company. Finally, BMO Capital Markets began coverage on ServiceNow in a research report on Monday. They set a “market perform” rating and a $85.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $84.47.
In other news, insider Frederic B. Luddy sold 154,000 shares of the stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $75.67, for a total value of $11,653,180.00. Following the sale, the insider now directly owns 175,788 shares in the company, valued at $13,301,877.96. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Daniel Mcgee sold 27,814 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $74.72, for a total value of $2,078,262.08. The disclosure for this sale can be found here. 5.90% of the stock is owned by insiders.
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.
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