ServiceNow, Inc. $NOW Shares Bought by Partners Capital Investment Group LLP

Key Points

• Partners Capital Investment Group LLP increased its stake in ServiceNow, Inc. by 142.1% during the first quarter, now owning 6,337 shares valued at approximately $5.05 million.
• ServiceNow reported a net margin of 13.78% and earnings of $4.09 per share, exceeding analyst estimates, while revenues increased by 22.4% year-on-year.
• Analysts have raised their price targets for ServiceNow, with Citigroup increasing theirs to $1,234.00 and a consensus price target of $1,115.20 among the majority recommending a buy rating.

Partners Capital Investment Group LLP boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 142.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,337 shares of the information technology services provider's stock after buying an additional 3,719 shares during the period. Partners Capital Investment Group LLP's holdings in ServiceNow were worth $5,045,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after buying an additional 12,533 shares during the last quarter. Corient IA LLC purchased a new position in shares of ServiceNow in the 1st quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new position in shares of ServiceNow in the 1st quarter worth about $1,820,000. ASR Vermogensbeheer N.V. purchased a new position in shares of ServiceNow in the 1st quarter worth about $19,278,000. Finally, Nicholas Investment Partners LP raised its holdings in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after purchasing an additional 1,938 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Up 1.0%

Shares of NYSE:NOW traded up $8.8230 during mid-day trading on Friday, hitting $885.7930. 1,083,474 shares of the company traded hands, compared to its average volume of 1,866,238. The firm has a market cap of $184.24 billion, a P/E ratio of 111.56, a PEG ratio of 4.00 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The firm's 50 day simple moving average is $955.00 and its 200 day simple moving average is $929.03.

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 the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the business earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the sale, the chief financial officer directly owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,096 shares of company stock worth $14,807,562 over the last ninety days. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of research reports. Citigroup raised their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Jefferies Financial Group raised their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Wall Street Zen upgraded ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, July 29th. One 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 given a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

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.