Plato Investment Management Ltd Purchases Shares of 31,385 ServiceNow, Inc. $NOW

Plato Investment Management Ltd acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 31,385 shares of the information technology services provider’s stock, valued at approximately $3,098,000.

Several other hedge funds have also bought and sold shares of NOW. Vanguard Group Inc. boosted its stake in shares of ServiceNow by 404.5% during the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after acquiring an additional 81,752,460 shares during the period. State Street Corp raised its stake in ServiceNow by 406.6% in the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after acquiring an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after purchasing an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC lifted its holdings in ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley boosted its position in ServiceNow by 335.6% during the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after purchasing an additional 17,514,679 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on NOW shares. Mizuho dropped their price objective on shares of ServiceNow from $150.00 to $140.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. Raymond James Financial reduced their target price on shares of ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Robert W. Baird upped their price target on shares of ServiceNow from $118.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $145.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, Citizens Jmp restated a “market outperform” rating and set a $157.00 price objective on shares of ServiceNow in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $143.76.

ServiceNow Price Performance

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

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 EPS. As a group, sell-side analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

ServiceNow Company Profile

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.