Jennison Associates LLC Has $1.60 Billion Stock Position in ServiceNow, Inc. (NYSE:NOW)

Jennison Associates LLC cut its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 14.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,012,921 shares of the information technology services provider's stock after selling 339,190 shares during the period. ServiceNow comprises about 1.1% of Jennison Associates LLC's holdings, making the stock its 24th biggest holding. Jennison Associates LLC owned 0.97% of ServiceNow worth $1,602,567,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in NOW. Brighton Jones LLC raised its position in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after buying an additional 30 shares during the period. Proficio Capital Partners LLC increased its stake in ServiceNow by 45.6% in the fourth quarter. Proficio Capital Partners LLC now owns 629 shares of the information technology services provider's stock valued at $667,000 after purchasing an additional 197 shares during the last quarter. Madison Investment Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at $221,000. GM Advisory Group LLC increased its position in ServiceNow by 77.4% during the fourth quarter. GM Advisory Group LLC now owns 479 shares of the information technology services provider's stock worth $508,000 after buying an additional 209 shares during the period. Finally, Royal London Asset Management Ltd. boosted its stake in ServiceNow by 1.5% during the 4th quarter. Royal London Asset Management Ltd. now owns 160,225 shares of the information technology services provider's stock worth $169,858,000 after purchasing an additional 2,436 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 145 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the transaction, the insider directly owned 3,027 shares in the company, valued at approximately $3,087,540. This trade represents a 4.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the business's stock in a transaction on 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 transaction, the general counsel owned 4,332 shares of the company's stock, valued at $4,431,636. This trade represents a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock valued at $6,577,363 over the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the subject of several analyst reports. FBN Securities raised ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Barclays set a $1,085.00 price target on ServiceNow in a report on Wednesday, May 7th. Erste Group Bank raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and raised their target price for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Finally, Needham & Company LLC reissued a "buy" rating and set a $1,050.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. One investment 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $1,075.87.

ServiceNow Trading Up 0.4%

Shares of ServiceNow stock traded up $4.28 during mid-day trading on Friday, hitting $963.43. 1,153,834 shares of the stock were exchanged, compared to its average volume of 1,486,620. The company has a 50-day simple moving average of $1,006.88 and a 200 day simple moving average of $957.08. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $199.41 billion, a price-to-earnings ratio of 130.90, a price-to-earnings-growth ratio of 4.41 and a beta of 0.94. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. ServiceNow's revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.41 earnings per share. Research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.