SCS Capital Management LLC Takes Position in ServiceNow, Inc. $NOW

Key Points

• SCS Capital Management acquired 34,555 ServiceNow shares in the second quarter, worth approximately $3.43 million. Institutional investors and hedge funds collectively own 87.18% of the company.
• ServiceNow reported stronger-than-expected quarterly results, with EPS of $0.90 versus $0.86 expected and revenue of $3.99 billion, up 24% year over year.
• Analyst sentiment remains favorable: the stock has a consensus “Moderate Buy” rating and an average price target of $143.76, compared with a recent price of $124.08.

SCS Capital Management LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 34,555 shares of the information technology services provider's stock, valued at approximately $3,431,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Covenant Asset Management LLC increased its stake in shares of ServiceNow by 169.2% in the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider's stock valued at $3,196,000 after purchasing an additional 13,114 shares during the period. Norges Bank acquired a new stake in ServiceNow in the 4th quarter valued at approximately $2,020,992,000. World Investment Advisors raised its stake in ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock valued at $7,346,000 after acquiring an additional 38,583 shares in the last quarter. Moors & Cabot Inc. raised its stake in ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock valued at $6,990,000 after acquiring an additional 36,274 shares in the last quarter. Finally, Torray Investment Partners LLC boosted its position in ServiceNow by 390.5% during the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider's stock worth $6,224,000 after acquiring an additional 32,345 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 0.1%

Shares of NOW opened at $124.08 on Monday. The business's 50-day moving average price is $107.08 and its 200 day moving average price is $105.59. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $128.29 billion, a P/E ratio of 77.55, a P/E/G ratio of 2.18 and a beta of 0.94. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The business's quarterly revenue was up 24.0% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

Analyst Ratings Changes

NOW has been the topic of a number of research analyst reports. TD Cowen reissued a "buy" rating and set a $140.00 price target on shares of ServiceNow in a report on Friday, July 17th. Bank of America assumed coverage on shares of ServiceNow in a report on Monday, May 18th. They issued a "buy" rating and a $130.00 price objective for the company. BTIG Research reissued a "buy" rating and set a $150.00 target price on shares of ServiceNow in a research note on Wednesday, July 22nd. DA Davidson set a $170.00 price target on shares of ServiceNow and gave the stock a "buy" rating in a research report on Monday, July 20th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $248.00 price target (up from $236.00) on shares of ServiceNow in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $143.76.

ServiceNow Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source