Edgestream Partners L.P. Takes $13.13 Million Position in ServiceNow, Inc. (NYSE:NOW)

Edgestream Partners L.P. bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,495 shares of the information technology services provider's stock, valued at approximately $13,132,000. ServiceNow accounts for about 0.4% of Edgestream Partners L.P.'s portfolio, making the stock its 12th biggest position.

Several other institutional investors also recently added to or reduced their stakes in NOW. Quarry LP bought a new stake in shares of ServiceNow in the 4th quarter valued at about $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow in the 4th quarter valued at about $28,000. WASHINGTON TRUST Co boosted its holdings in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares in the last quarter. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at about $37,000. Finally, Cassady Schiller Wealth Management LLC boosted its holdings in shares of ServiceNow by 44.0% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock valued at $38,000 after buying an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NOW. Robert W. Baird lifted their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. reduced their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Erste Group Bank raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Mizuho raised their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Finally, Evercore ISI raised their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,073.13.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $2.57 on Thursday, hitting $964.40. The company's stock had a trading volume of 517,584 shares, compared to its average volume of 1,485,044. 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 $199.61 billion, a price-to-earnings ratio of 131.04, a price-to-earnings-growth ratio of 4.40 and a beta of 0.94. The stock's 50-day moving average is $1,007.21 and its two-hundred day moving average is $957.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company's revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.41 earnings per share. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 62 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $4,431,636. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 145 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the transaction, the insider directly owned 3,027 shares in the company, valued at approximately $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,601 shares of company stock valued at $6,577,363. 0.38% of the stock is currently owned by insiders.

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.