ServiceNow, Inc. $NOW Shares Acquired by Orion Investment Co

Key Points

• Orion Investment Co boosted its ServiceNow stake by 397.7% in the fourth quarter, ending with 12,000 shares worth about $1.84 million.
• Institutional ownership in ServiceNow remains very high, with major firms like Vanguard and Geode also sharply increasing holdings; overall, institutions own 87.18% of the stock.
• Analysts remain mostly positive on ServiceNow, with a consensus rating of Moderate Buy and an average price target of $141.85, while the company recently reported quarterly revenue growth of 22.1% year over year.

Orion Investment Co lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 397.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,000 shares of the information technology services provider's stock after buying an additional 9,589 shares during the period. Orion Investment Co's holdings in ServiceNow were worth $1,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in NOW. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 404.5% during the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock worth $15,619,771,000 after buying an additional 81,752,460 shares during the last quarter. Geode Capital Management LLC increased its holdings in ServiceNow by 404.8% in the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. Norges Bank acquired a new stake in ServiceNow in the 4th quarter valued at approximately $2,020,992,000. Capital International Investors increased its holdings in ServiceNow by 396.0% in the 4th quarter. Capital International Investors now owns 10,393,373 shares of the information technology services provider's stock valued at $1,592,310,000 after purchasing an additional 8,297,818 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in ServiceNow by 404.3% in the 4th quarter. Fisher Asset Management LLC now owns 8,351,824 shares of the information technology services provider's stock valued at $1,279,416,000 after purchasing an additional 6,695,802 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. TD Cowen reiterated a "buy" rating and issued a $140.00 target price on shares of ServiceNow in a report on Thursday, April 23rd. Citigroup lifted their target price on shares of ServiceNow from $154.00 to $158.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Citic Securities dropped their target price on shares of ServiceNow from $168.00 to $140.00 and set a "buy" rating for the company in a report on Thursday, May 21st. BTIG Research reiterated a "buy" rating and issued a $150.00 target price on shares of ServiceNow in a report on Monday, May 4th. Finally, Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.85.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the business's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the transaction, the insider owned 29,531 shares in the company, valued at $2,645,977.60. The trade was a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares of the company's stock, valued at approximately $3,919,243.90. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is currently owned by insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $114.43 on Tuesday. The company has a fifty day simple moving average of $99.69 and a two-hundred day simple moving average of $121.36. The company has a market cap of $117.98 billion, a price-to-earnings ratio of 68.20, a price-to-earnings-growth ratio of 1.86 and a beta of 0.94. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company's quarterly revenue was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, equities analysts anticipate that ServiceNow, Inc. will post 2.35 earnings per share for the current fiscal year.

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.

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