Pitcairn Co. Raises Position in ServiceNow, Inc. (NYSE:NOW)
Pitcairn Co. raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 20.2% during the second quarter, Holdings Channel reports. The institutional investor owned 10,898 shares of the information technology services provider’s stock after buying an additional 1,834 shares during the period. Pitcairn Co.’s holdings in ServiceNow were worth $1,155,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of NOW. Cornerstone Advisors Inc. increased its position in shares of ServiceNow by 29.2% in the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock worth $115,000 after buying an additional 245 shares in the last quarter. Barrett Asset Management LLC acquired a new position in shares of ServiceNow during the second quarter worth $117,000. Global X Management Co. LLC increased its position in shares of ServiceNow by 30.6% in the first quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock worth $123,000 after buying an additional 330 shares in the last quarter. Hartford Financial Management Inc. acquired a new position in shares of ServiceNow during the first quarter worth $125,000. Finally, TLP Group LLC acquired a new position in shares of ServiceNow during the first quarter worth $131,000. Institutional investors own 97.53% of the company’s stock.
ServiceNow, Inc. (NYSE NOW) opened at 106.05 on Friday. ServiceNow, Inc. has a one year low of $71.25 and a one year high of $115.85. The firm’s market capitalization is $18.10 billion. The stock’s 50 day moving average price is $108.29 and its 200-day moving average price is $97.03.
ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. The firm had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The business’s revenue was up 38.2% compared to the same quarter last year. During the same period last year, the company earned $0.15 earnings per share. On average, equities research analysts expect that ServiceNow, Inc. will post $1.17 EPS for the current fiscal year.
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A number of equities analysts have recently weighed in on NOW shares. Deutsche Bank AG upped their target price on ServiceNow from $100.00 to $105.00 and gave the company a “buy” rating in a report on Friday, April 28th. Zacks Investment Research upgraded ServiceNow from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a report on Friday, April 28th. DA Davidson set a $118.00 target price on ServiceNow and gave the company a “buy” rating in a report on Thursday, April 27th. Canaccord Genuity reiterated a “buy” rating and issued a $105.00 target price on shares of ServiceNow in a report on Friday, April 21st. Finally, BTIG Research reiterated a “buy” rating on shares of ServiceNow in a report on Monday, April 24th. Eight research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $115.96.
In other ServiceNow news, Director Frederic B. Luddy sold 167,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $108.34, for a total value of $18,092,780.00. Following the completion of the transaction, the director now directly owns 11,190 shares in the company, valued at $1,212,324.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 31,293 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $107.84, for a total value of $3,374,637.12. Following the completion of the transaction, the director now owns 36,664 shares of the company’s stock, valued at $3,953,845.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 763,177 shares of company stock valued at $82,424,382. Corporate 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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