Emerald Advisers Inc. PA Cuts Position in ServiceNow Inc. (NOW)
Emerald Advisers Inc. PA cut its position in shares of ServiceNow Inc. (NYSE:NOW) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 35,472 shares of the company’s stock after selling 304 shares during the period. Emerald Advisers Inc. PA’s holdings in ServiceNow were worth $2,355,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. IBM Retirement Fund boosted its stake in shares of ServiceNow by 3.2% in the second quarter. IBM Retirement Fund now owns 18,684 shares of the company’s stock valued at $1,295,000 after buying an additional 578 shares during the period. Aviva PLC boosted its stake in shares of ServiceNow by 1.3% in the first quarter. Aviva PLC now owns 75,661 shares of the company’s stock valued at $4,629,000 after buying an additional 996 shares during the period. Ngam Advisors L.P. boosted its stake in shares of ServiceNow by 10.2% in the first quarter. Ngam Advisors L.P. now owns 14,129 shares of the company’s stock valued at $864,000 after buying an additional 1,306 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of ServiceNow by 4.5% in the second quarter. Gulf International Bank UK Ltd now owns 46,551 shares of the company’s stock valued at $3,090,000 after buying an additional 2,000 shares during the period. Finally, Cupps Capital Management LLC boosted its stake in shares of ServiceNow by 8.3% in the first quarter. Cupps Capital Management LLC now owns 35,482 shares of the company’s stock valued at $2,170,000 after buying an additional 2,730 shares during the period. 95.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ServiceNow Inc. (NYSE:NOW) traded up 0.18% during mid-day trading on Friday, reaching $78.52. 1,293,500 shares of the company’s stock were exchanged. ServiceNow Inc. has a 52 week low of $46.00 and a 52 week high of $91.28. The stock has a 50 day moving average price of $75.91 and a 200 day moving average price of $71.36. The stock’s market cap is $12.92 billion.
ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. The business earned $341.30 million during the quarter, compared to analysts’ expectations of $334.07 million. During the same quarter last year, the business posted $0.05 earnings per share. The business’s revenue for the quarter was up 38.3% on a year-over-year basis. Equities research analysts predict that ServiceNow Inc. will post $0.66 EPS for the current year.
Several equities research analysts have issued reports on the stock. Mizuho raised shares of ServiceNow from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $70.00 to $85.00 in a research note on Friday, July 15th. MKM Partners lifted their target price on shares of ServiceNow from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, July 28th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $90.00 target price on shares of ServiceNow in a research note on Friday, July 15th. Guggenheim assumed coverage on shares of ServiceNow in a research note on Wednesday, September 14th. They set a “buy” rating and a $90.00 target price on the stock. Finally, BMO Capital Markets assumed coverage on shares of ServiceNow in a research note on Monday, September 19th. They set a “market perform” rating and a $85.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company. ServiceNow presently has a consensus rating of “Buy” and a consensus price target of $84.47.
In related news, CRO David Schneider sold 5,000 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $69.26, for a total transaction of $346,300.00. Following the sale, the executive now owns 25,652 shares of the company’s stock, valued at $1,776,657.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Frederic B. Luddy sold 199,000 shares of the stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $76.68, for a total value of $15,259,320.00. Following the sale, the insider now directly owns 1,587 shares in the company, valued at approximately $121,691.16. 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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