14,255 Shares in ServiceNow, Inc. $NOW Acquired by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP has acquired 14,255 shares of ServiceNow, Inc. (NYSE:NOW), valued at approximately $11.35 million, highlighting renewed interest from institutional investors.
• CEO William R. Mcdermott and Director Anita M. Sands both sold shares recently, indicating a decrease in their ownership stakes by 23.66% and 3.78%, respectively.
• ServiceNow's stock opened at $866.89 and recently posted quarterly earnings of $4.09 per share, exceeding expectations and contributing to a 22.4% year-over-year revenue growth.

Quantbot Technologies LP bought a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 14,255 shares of the information technology services provider's stock, valued at approximately $11,349,000.

A number of other hedge funds also recently bought and sold shares of the company. Korea Investment CORP lifted its position in ServiceNow by 1.3% in the 1st quarter. Korea Investment CORP now owns 165,404 shares of the information technology services provider's stock worth $131,685,000 after buying an additional 2,195 shares during the last quarter. Aviso Financial Inc. boosted its holdings in ServiceNow by 15.1% during the 1st quarter. Aviso Financial Inc. now owns 1,848 shares of the information technology services provider's stock valued at $1,471,000 after acquiring an additional 243 shares during the period. Brooklyn Investment Group boosted its holdings in ServiceNow by 7.2% during the 1st quarter. Brooklyn Investment Group now owns 1,431 shares of the information technology services provider's stock valued at $1,139,000 after acquiring an additional 96 shares during the period. Valley Brook Capital Group Inc. boosted its holdings in ServiceNow by 27.7% during the 1st quarter. Valley Brook Capital Group Inc. now owns 586 shares of the information technology services provider's stock valued at $467,000 after acquiring an additional 127 shares during the period. Finally, Corient IA LLC purchased a new stake in ServiceNow during the 1st quarter valued at about $796,000. Institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anita M. Sands sold 428 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the transaction, the director owned 10,891 shares of the company's stock, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,738 shares of company stock valued at $5,713,973. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 1.9%

ServiceNow stock opened at $866.89 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The business's fifty day simple moving average is $967.03 and its two-hundred day simple moving average is $933.05. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a market capitalization of $180.31 billion, a price-to-earnings ratio of 109.18, a price-to-earnings-growth ratio of 3.91 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the business earned $3.13 earnings per share. The company's revenue was up 22.4% on a year-over-year basis. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

NOW has been the subject of several analyst reports. Royal Bank Of Canada increased their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Raymond James Financial increased their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Needham & Company LLC increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, FBN Securities upgraded ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow 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.

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