AMI Asset Management Corp Raises Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• AMI Asset Management Corp boosted its ServiceNow stake by 112.2% in the first quarter, owning 379,351 shares worth about $39.7 million after buying 200,577 additional shares.
• Insider selling was notable, with director Anita M. Sands and insider Jacqueline P. Canney both selling shares last quarter; insiders have sold 28,071 shares worth about $2.53 million.
• Wall Street remains constructive on ServiceNow, with a consensus Moderate Buy rating and an average price target of $142.17, while the stock recently traded at $99.89 after reporting quarterly revenue growth of 22.1% year over year.

AMI Asset Management Corp raised its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 112.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 379,351 shares of the information technology services provider's stock after purchasing an additional 200,577 shares during the period. ServiceNow comprises 2.5% of AMI Asset Management Corp's holdings, making the stock its 19th largest position. AMI Asset Management Corp's holdings in ServiceNow were worth $39,661,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. SJS Investment Consulting Inc. raised its stake in shares of ServiceNow by 55.6% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,175 shares of the information technology services provider's stock worth $123,000 after buying an additional 420 shares during the period. Moss Adams Wealth Advisors LLC grew its stake in ServiceNow by 9.8% in the 1st quarter. Moss Adams Wealth Advisors LLC now owns 3,684 shares of the information technology services provider's stock valued at $385,000 after acquiring an additional 328 shares during the period. NORTHSTAR ASSET MANAGEMENT Co acquired a new stake in ServiceNow in the 1st quarter valued at $233,000. Kampmann Melissa S. increased its holdings in ServiceNow by 37.3% in the 1st quarter. Kampmann Melissa S. now owns 11,605 shares of the information technology services provider's stock worth $1,213,000 after acquiring an additional 3,155 shares in the last quarter. Finally, Simmons Bank increased its holdings in ServiceNow by 18.8% in the 1st quarter. Simmons Bank now owns 17,334 shares of the information technology services provider's stock worth $1,812,000 after acquiring an additional 2,739 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $89.60, for a total value of $799,859.20. Following the transaction, the insider owned 29,531 shares of the company's stock, valued at approximately $2,645,977.60. This represents a 23.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 28,071 shares of company stock worth $2,529,956 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NOW shares. Jefferies Financial Group reaffirmed a "buy" rating and set a $135.00 price objective (down from $175.00) on shares of ServiceNow in a report on Thursday, April 23rd. Needham & Company LLC reissued a "buy" rating and set a $115.00 target price on shares of ServiceNow in a research note on Tuesday, May 5th. Citigroup upped their price target on shares of ServiceNow from $154.00 to $158.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Benchmark raised their price target on shares of ServiceNow from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on ServiceNow from $180.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $142.17.

ServiceNow Price Performance

NOW stock opened at $99.89 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The business has a 50 day simple moving average of $100.17 and a 200-day simple moving average of $114.38. The firm has a market capitalization of $102.99 billion, a PE ratio of 59.53, a price-to-earnings-growth ratio of 1.64 and a beta of 0.94. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $3.75 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The business's revenue for the quarter was up 22.1% on a year-over-year basis. Equities research analysts anticipate that ServiceNow, Inc. will post 2.34 earnings per share for the current fiscal 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.

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