Lord Abbett & CO. LLC lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 19.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 140,767 shares of the information technology services provider's stock after selling 34,485 shares during the period. Lord Abbett & CO. LLC owned about 0.07% of ServiceNow worth $112,070,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in 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 valued at $2,141,108,000 after buying an additional 2,686,291 shares in the last quarter. Nuveen LLC acquired a new stake in ServiceNow during the first quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its stake in ServiceNow by 1,586.5% during the first 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 buying an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after buying an additional 840,731 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in ServiceNow by 6.8% during the fourth 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 buying an additional 509,467 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have issued reports on NOW. UBS Group cut their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Mizuho increased their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. TD Securities reiterated a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Raymond James Financial increased their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Evercore ISI increased their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.
Check Out Our Latest Report on ServiceNow
Insider Buying and Selling at ServiceNow
In other news, insider Jacqueline P. Canney sold 257 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $878.39, for a total transaction of $225,746.23. Following the completion of the sale, the insider directly owned 3,027 shares of the company's stock, valued at $2,658,886.53. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lawrence Jackson sold 757 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the sale, the director directly owned 588 shares of the company's stock, valued at approximately $582,414. This represents a 56.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,587 shares of company stock worth $5,584,027. 0.38% of the stock is owned by insiders.
ServiceNow Stock Performance
Shares of NYSE NOW opened at $862.82 on Thursday. The stock has a fifty day moving average price of $973.65 and a two-hundred day moving average price of $939.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market cap of $179.47 billion, a P/E ratio of 108.67, a PEG ratio of 3.85 and a beta of 0.93. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09.
ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The company's revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company posted $3.13 EPS. Research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.
ServiceNow Profile
(
Free Report)
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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