Nippon Life Global Investors Americas Inc. Purchases Shares of 16,780 ServiceNow, Inc. $NOW

Nippon Life Global Investors Americas Inc. acquired a new position in ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, HoldingsChannel reports. The fund acquired 16,780 shares of the information technology services provider’s stock, valued at approximately $1,666,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Millstone Evans Group LLC lifted its stake in shares of ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 132 shares during the period. CBIZ Investment Advisory Services LLC grew its position in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 135 shares during the period. Blueline Advisors LLC acquired a new stake in ServiceNow during the fourth quarter valued at $25,000. Measured Wealth Private Client Group LLC increased its holdings in ServiceNow by 560.0% in the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 140 shares in the last quarter. Finally, Wealth Watch Advisors INC increased its holdings in ServiceNow by 432.3% in the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 134 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 0.1%

Shares of NYSE NOW opened at $124.08 on Monday. The firm has a market cap of $128.29 billion, a price-to-earnings ratio of 77.55, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94. The company’s 50-day simple moving average is $107.08 and its 200-day simple moving average is $105.59. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. Equities analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Sanford C. Bernstein restated an “outperform” rating and set a $248.00 target price (up from $236.00) on shares of ServiceNow in a research report on Thursday, July 23rd. BMO Capital Markets lifted their price target on ServiceNow from $115.00 to $118.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Stifel Nicolaus reduced their price target on ServiceNow from $135.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 23rd. Finally, Guggenheim upgraded ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $143.76.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.