Scge Management L.P. Has $346.32 Million Stake in ServiceNow, Inc. $NOW

Key Points

• Scge Management L.P. has reduced its holdings in ServiceNow, Inc. by 56%, now holding 435,000 shares, which represents 10% of its investment portfolio, valued at approximately $346.3 million.
• Analyst ratings for ServiceNow show a consensus of 29 buy ratings, 3 hold ratings, and 1 sell rating, with a consensus price target of $1,115.20.
• ServiceNow reported a strong quarterly performance, with earnings per share (EPS) of $4.09, exceeding estimates of $3.57 and a revenue increase of 22.4% year-over-year.

Scge Management L.P. lessened its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 56.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 435,000 shares of the information technology services provider's stock after selling 553,000 shares during the quarter. ServiceNow comprises about 10.0% of Scge Management L.P.'s investment portfolio, making the stock its 2nd largest position. Scge Management L.P. owned approximately 0.21% of ServiceNow worth $346,321,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NOW. Brighton Jones LLC lifted its stake in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Cary Street Partners Financial LLC acquired a new position in shares of ServiceNow during the fourth quarter valued at $625,000. CoreCap Advisors LLC lifted its stake in shares of ServiceNow by 142.0% during the fourth quarter. CoreCap Advisors LLC now owns 1,256 shares of the information technology services provider's stock valued at $1,332,000 after acquiring an additional 737 shares during the period. Colonial Trust Co SC lifted its stake in shares of ServiceNow by 21.6% during the fourth quarter. Colonial Trust Co SC now owns 214 shares of the information technology services provider's stock valued at $227,000 after acquiring an additional 38 shares during the period. Finally, EP Wealth Advisors LLC lifted its stake in shares of ServiceNow by 10.1% during the fourth quarter. EP Wealth Advisors LLC now owns 3,718 shares of the information technology services provider's stock valued at $3,942,000 after acquiring an additional 341 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 1.6%

Shares of ServiceNow stock traded up $14.73 during trading hours on Friday, hitting $913.29. The company's stock had a trading volume of 1,282,604 shares, compared to its average volume of 1,771,618. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a 50 day moving average of $936.79 and a 200 day moving average of $922.19. The company has a market capitalization of $189.96 billion, a PE ratio of 115.02, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the company earned $3.13 earnings per share. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Raymond James Financial increased their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Mizuho increased their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. Finally, Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Buying and Selling

In related news, 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 transaction, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. This trade represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total value of $1,299,612.60. Following the transaction, the insider owned 457 shares of the company's stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is owned by company 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.