Legato Capital Management LLC Acquires 2,575 Shares of ServiceNow, Inc. (NYSE:NOW)

Legato Capital Management LLC increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 98.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,200 shares of the information technology services provider's stock after buying an additional 2,575 shares during the period. ServiceNow comprises about 0.6% of Legato Capital Management LLC's investment portfolio, making the stock its 27th largest position. Legato Capital Management LLC's holdings in ServiceNow were worth $4,140,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new stake in ServiceNow in the fourth quarter worth about $2,603,360,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in ServiceNow by 36.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after acquiring an additional 491,861 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Canaccord Genuity Group reduced their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Finally, Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,114.87.

Insider Buying and Selling

In other news, Director Anita M. Sands sold 239 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares in the company, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 62 shares of the business's 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 sale, the general counsel directly owned 4,332 shares of the company's stock, valued at $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,003 shares of company stock valued at $6,015,106 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

Shares of NYSE:NOW traded down $28.13 during midday trading on Friday, reaching $968.05. The company's stock had a trading volume of 1,998,443 shares, compared to its average volume of 1,429,436. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a market capitalization of $200.37 billion, a P/E ratio of 121.92, a P/E/G ratio of 4.56 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.12. The business's fifty day simple moving average is $1,000.33 and its 200-day simple moving average is $953.18.

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

ServiceNow Company 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.