ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 91.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,947 shares of the information technology services provider’s stock after acquiring an additional 4,264 shares during the quarter. Investment Management Corp of Ontario’s holdings in ServiceNow were worth $8,002,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NOW. Versant Capital Management Inc boosted its holdings in shares of ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares during the period. Park Avenue Securities LLC grew its position in ServiceNow by 4.2% during the 2nd quarter. Park Avenue Securities LLC now owns 10,133 shares of the information technology services provider’s stock worth $7,971,000 after purchasing an additional 413 shares during the last quarter. Fiduciary Alliance LLC acquired a new position in ServiceNow in the second quarter valued at $258,000. Cullinan Associates Inc. raised its holdings in shares of ServiceNow by 90.9% in the second quarter. Cullinan Associates Inc. now owns 2,100 shares of the information technology services provider’s stock valued at $1,652,000 after buying an additional 1,000 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC grew its holdings in shares of ServiceNow by 106.6% during the second quarter. Linden Thomas Advisory Services LLC now owns 4,029 shares of the information technology services provider’s stock worth $3,169,000 after buying an additional 2,079 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 0.1 %

NOW opened at $1,048.43 on Tuesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,072.84. The business has a 50-day moving average of $963.10 and a two-hundred day moving average of $847.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market capitalization of $215.98 billion, a price-to-earnings ratio of 163.05, a price-to-earnings-growth ratio of 6.02 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 earnings per share. On average, research analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Russell S. Elmer sold 81 shares of ServiceNow stock in a transaction on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the transaction, the general counsel now owns 6,843 shares in the company, valued at approximately $6,956,183.22. The trade was a 1.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,329 shares of company stock valued at $20,547,241. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on NOW shares. UBS Group increased their price objective on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. KeyCorp lifted their price objective on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Jefferies Financial Group upped their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup lifted their target price on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Mizuho boosted their price target on shares of ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $994.43.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.