Jag Capital Management LLC Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Jag Capital Management LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 26.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,671 shares of the information technology services provider's stock after purchasing an additional 2,642 shares during the quarter. ServiceNow comprises approximately 1.3% of Jag Capital Management LLC's holdings, making the stock its 22nd largest holding. Jag Capital Management LLC's holdings in ServiceNow were worth $10,088,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in ServiceNow by 16.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,732 shares of the information technology services provider's stock worth $34,876,000 after purchasing an additional 6,075 shares in the last quarter. Achmea Investment Management B.V. lifted its stake in ServiceNow by 33.3% in the 1st quarter. Achmea Investment Management B.V. now owns 16,624 shares of the information technology services provider's stock worth $13,235,000 after purchasing an additional 4,152 shares in the last quarter. Canvas Wealth Advisors LLC lifted its stake in ServiceNow by 39.4% in the 1st quarter. Canvas Wealth Advisors LLC now owns 502 shares of the information technology services provider's stock worth $385,000 after purchasing an additional 142 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its stake in ServiceNow by 56.9% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 193 shares of the information technology services provider's stock worth $154,000 after purchasing an additional 70 shares in the last quarter. Finally, Transcend Capital Advisors LLC lifted its stake in ServiceNow by 19.8% in the 1st quarter. Transcend Capital Advisors LLC now owns 1,649 shares of the information technology services provider's stock worth $1,313,000 after purchasing an additional 273 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at $3,096,621. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anita M. Sands sold 248 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total transaction of $250,266.72. Following the sale, the director now directly owns 10,643 shares of the company's stock, valued at $10,740,277.02. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,716 shares of company stock valued at $6,611,245 over the last 90 days. Insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NOW opened at $1,023.56 on Friday. The company has a 50 day moving average price of $985.61 and a 200-day moving average price of $967.23. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a market capitalization of $211.86 billion, a PE ratio of 139.07, a PEG ratio of 4.65 and a beta of 0.95. 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 results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same quarter in the prior year, the company earned $3.41 EPS. The company's revenue was up 18.6% compared to the same quarter last year. Equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on NOW shares. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Raymond James Financial decreased their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. Guggenheim upped their target price on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research report on Thursday, April 24th. Finally, Jefferies Financial Group decreased their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,065.32.

About ServiceNow

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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