Quantitative Investment Management LLC Purchases Shares of 10,982 ServiceNow, Inc. $NOW

Key Points

• Quantitative Investment Management LLC has made a new investment of approximately $8.74 million in ServiceNow, acquiring 10,982 shares, which represents about 0.8% of their investment portfolio.
• Several institutional investors have significantly increased their holdings in ServiceNow, with GAMMA Investing LLC boosting its stake by 87,501.3% to own over $2.14 billion worth of shares.
• ServiceNow's performance has prompted analysts to upgrade their ratings, with a consensus rating of Moderate Buy and a price target of $1,115.20.

Quantitative Investment Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,982 shares of the information technology services provider's stock, valued at approximately $8,743,000. ServiceNow makes up 0.8% of Quantitative Investment Management LLC's holdings, making the stock its 25th biggest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after acquiring an additional 297,734 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of ServiceNow by 87,501.3% in 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 acquiring an additional 2,686,291 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after acquiring an additional 87,876 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of ServiceNow by 4.9% in the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock valued at $2,484,752,000 after acquiring an additional 109,293 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in ServiceNow during the first quarter worth about $1,817,535,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. UBS Group cut their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Bank of America lifted their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Raymond James Financial lifted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Erste Group Bank restated a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Finally, Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Trading Up 4.0%

NOW traded up $35.17 during trading on Thursday, hitting $923.15. 1,088,086 shares of the company's stock were exchanged, compared to its average volume of 1,705,560. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock has a 50 day moving average price of $947.94 and a 200 day moving average price of $926.80. The firm has a market cap of $192.01 billion, a P/E ratio of 116.10, a price-to-earnings-growth ratio of 3.90 and a beta of 0.93.

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 the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during 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 quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.13 earnings per share. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The shares were 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 of the company's stock, valued at approximately $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,668 shares of company stock valued at $14,373,737 in the last ninety days. 0.38% of the stock is owned by insiders.

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.