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Platinum Investment Management Ltd. Invests $1.18 Million in ServiceNow, Inc. $NOW

ServiceNow logo with Computer and Technology background

Key Points

  • Platinum Investment Management Ltd. has acquired 1,149 shares of ServiceNow, Inc. for a total investment of approximately $1.18 million, according to its recent 13F filing.
  • Insiders at ServiceNow have sold significant shares, with General Counsel Russell S. Elmer selling 1,698 shares valued at about $1.5 million, leading to a 28.16% decrease in his ownership.
  • Equities analysts have mixed ratings on ServiceNow, with price targets ranging from $1,050 to $1,300, but the consensus rating is currently a "Moderate Buy" with an average target of $1,122.20.
  • MarketBeat previews top five stocks to own in November.

Platinum Investment Management Ltd. purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,149 shares of the information technology services provider's stock, valued at approximately $1,181,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Haverford Trust Co raised its holdings in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares during the last quarter. Ascent Group LLC grew its position in ServiceNow by 0.5% during the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock valued at $1,628,000 after buying an additional 10 shares during the period. Edgemoor Investment Advisors Inc. grew its position in ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares during the period. Integrated Investment Consultants LLC grew its position in ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after buying an additional 11 shares during the period. Finally, one8zero8 LLC grew its position in ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after buying an additional 11 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 1,097 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,737 shares of company stock valued at $16,798,825. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on NOW shares. Needham & Company LLC increased their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Oppenheimer restated an "outperform" rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

View Our Latest Stock Report on ServiceNow

ServiceNow Price Performance

NYSE NOW opened at $912.13 on Thursday. The company has a market cap of $189.72 billion, a PE ratio of 114.88, a price-to-earnings-growth ratio of 4.15 and a beta of 0.92. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm's 50-day simple moving average is $917.56 and its two-hundred day simple moving average is $928.31.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm earned $3.13 earnings per share. The company's revenue was up 22.4% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

About ServiceNow

(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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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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