Shell Asset Management Co. Has $1.14 Million Stake in ServiceNow, Inc. (NYSE:NOW)
Shell Asset Management Co. reduced its position in ServiceNow, Inc. (NYSE:NOW) by 3.8% during the second quarter, Holdings Channel reports. The firm owned 10,771 shares of the information technology services provider’s stock after selling 431 shares during the period. Shell Asset Management Co.’s holdings in ServiceNow were worth $1,142,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. Nippon Life Insurance Co. bought a new position in ServiceNow during the first quarter worth $700,000. State of Alaska Department of Revenue bought a new position in ServiceNow during the first quarter worth $257,000. Hartford Financial Management Inc. bought a new position in ServiceNow during the first quarter worth $125,000. Nisa Investment Advisors LLC bought a new position in ServiceNow during the first quarter worth $175,000. Finally, DnB Asset Management AS boosted its position in ServiceNow by 41.1% in the first quarter. DnB Asset Management AS now owns 18,542 shares of the information technology services provider’s stock worth $1,622,000 after buying an additional 5,400 shares during the period. 97.53% of the stock is owned by institutional investors.
ServiceNow, Inc. (NYSE:NOW) opened at 109.71 on Monday. The firm’s 50 day moving average price is $107.37 and its 200-day moving average price is $95.91. ServiceNow, Inc. has a 52 week low of $71.25 and a 52 week high of $115.85. The firm’s market cap is $18.70 billion.
ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The firm had revenue of $471.70 million for the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 30.72%. The business’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 earnings per share. On average, analysts forecast that ServiceNow, Inc. will post $1.17 EPS for the current year.
A number of equities research analysts have recently commented on NOW shares. OTR Global downgraded ServiceNow to a “positive” rating in a research report on Friday, July 14th. Guggenheim reaffirmed a “buy” rating and issued a $120.00 price objective (up previously from $108.00) on shares of ServiceNow in a research report on Thursday, July 27th. Barclays PLC lifted their price objective on ServiceNow from $120.00 to $126.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. Raymond James Financial, Inc. lifted their price objective on ServiceNow from $110.00 to $126.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 27th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $123.00 price objective (up previously from $110.00) on shares of ServiceNow in a research report on Thursday, July 27th. Eight research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and three have issued a strong buy rating to the company. ServiceNow presently has a consensus rating of “Buy” and an average price target of $115.96.
In other ServiceNow news, Director Frederic B. Luddy sold 102,000 shares of the stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $110.09, for a total transaction of $11,229,180.00. Following the transaction, the director now directly owns 11,190 shares of the company’s stock, valued at $1,231,907.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO David Schneider sold 2,243 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $97.04, for a total transaction of $217,660.72. Following the transaction, the executive now directly owns 47,654 shares in the company, valued at $4,624,344.16. The disclosure for this sale can be found here. Insiders have sold 731,884 shares of company stock worth $79,049,745 over the last three months. Company insiders own 3.30% of the company’s stock.
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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