Sustainable Growth Advisers LP Has $575.97 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Sustainable Growth Advisers LP raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 96.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 723,457 shares of the information technology services provider's stock after buying an additional 355,629 shares during the quarter. ServiceNow comprises about 3.2% of Sustainable Growth Advisers LP's portfolio, making the stock its 12th biggest holding. Sustainable Growth Advisers LP owned approximately 0.35% of ServiceNow worth $575,973,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of NOW. Brighton Jones LLC boosted its stake in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after buying an additional 30 shares during the period. Hillsdale Investment Management Inc. increased its position in ServiceNow by 45.6% in the 4th quarter. Hillsdale Investment Management Inc. now owns 415 shares of the information technology services provider's stock valued at $440,000 after acquiring an additional 130 shares during the period. Congress Wealth Management LLC DE raised its position in ServiceNow by 1.5% during the 4th quarter. Congress Wealth Management LLC DE now owns 27,420 shares of the information technology services provider's stock worth $29,070,000 after buying an additional 417 shares during the last quarter. Sheets Smith Investment Management acquired a new position in ServiceNow during the fourth quarter worth $1,138,000. Finally, Interchange Capital Partners LLC increased its holdings in ServiceNow by 5.2% in the fourth quarter. Interchange Capital Partners LLC now owns 845 shares of the information technology services provider's stock valued at $896,000 after buying an additional 42 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Down 2.8%

Shares of NYSE NOW traded down $28.13 during midday trading on Friday, reaching $968.05. 1,997,838 shares of the stock were exchanged, compared to its average volume of 1,697,373. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $200.37 billion, a price-to-earnings ratio of 121.92, a P/E/G ratio of 4.39 and a beta of 0.94. The business has a 50-day simple moving average of $1,001.77 and a two-hundred day simple moving average of $953.76.

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 for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.62%. The business's revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.13 earnings per share. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 239 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the sale, the director directly owned 10,404 shares of the company's stock, valued at $10,924,200. The trade was a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 145 shares of ServiceNow stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the sale, the insider directly owned 3,027 shares in the company, valued at approximately $3,087,540. This represents a 4.57% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,003 shares of company stock worth $6,015,106. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

NOW has been the subject of a number of recent research reports. Barclays raised their price objective on shares of ServiceNow from $1,085.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Monday. Robert W. Baird boosted their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. BMO Capital Markets increased their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Evercore ISI lifted their price objective on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus price target of $1,107.94.

About ServiceNow

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.