Magnetar Financial LLC Acquires New Position in ServiceNow, Inc. $NOW

Key Points

• Magnetar Financial LLC purchased 11,788 shares of ServiceNow, Inc. for approximately $9.4 million, according to their recent SEC filing.
• Insider transactions included CEO William R. Mcdermott selling 1,585 shares and CFO Gina Mastantuono selling 1,762 shares, indicating a decrease in their ownership positions.
• ServiceNow's latest earnings report showed a quarterly revenue of $3.22 billion, beating estimates and reflecting a 22.4% increase year-over-year.

Magnetar Financial LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 11,788 shares of the information technology services provider's stock, valued at approximately $9,385,000.

Several other hedge funds have also recently added to or reduced their stakes in NOW. GAMMA Investing LLC raised its holdings in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Nuveen LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after buying an additional 877,875 shares during the period. Goldman Sachs Group Inc. grew its position in shares of ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after buying an additional 840,731 shares during the period. Finally, Parnassus Investments LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $519,806,000. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on NOW shares. Royal Bank Of Canada raised their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Jefferies Financial Group raised their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Bank of America lifted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Oppenheimer reissued an "outperform" rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity at ServiceNow

In other news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. The trade was a 76.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider owned 3,027 shares in the company, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,302 shares of company stock worth $10,956,796. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Down 1.1%

NOW traded down $10.12 during mid-day trading on Friday, reaching $918.49. 1,881,767 shares of the stock were exchanged, compared to its average volume of 1,914,586. 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 stock has a market capitalization of $191.04 billion, a PE ratio of 115.68, a price-to-earnings-growth ratio of 4.14 and a beta of 0.93. The company has a 50 day moving average price of $945.88 and a two-hundred day moving average price of $925.15. 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 posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.13 EPS. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current 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.