Sit Investment Associates Inc. Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Sit Investment Associates Inc. increased its holdings in ServiceNow, Inc. by 14%, acquiring an additional 1,892 shares to own a total of 15,370 shares valued at approximately $12.24 million.
• Notable institutional investors, including Vanguard Group and Price T Rowe Associates, have also increased their positions in ServiceNow, with 87.18% of the stock owned by institutional investors overall.
• CEO William R. Mcdermott recently sold 2,050 shares of ServiceNow stock for over $2 million, representing a 23.66% decrease in his position.

Sit Investment Associates Inc. increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 14.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,370 shares of the information technology services provider's stock after buying an additional 1,892 shares during the period. Sit Investment Associates Inc.'s holdings in ServiceNow were worth $12,237,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Heck Capital Advisors LLC lifted its position in ServiceNow by 617.1% in the 1st quarter. Heck Capital Advisors LLC now owns 251 shares of the information technology services provider's stock valued at $200,000 after acquiring an additional 216 shares in the last quarter. GQG Partners LLC bought a new position in ServiceNow in the 1st quarter valued at approximately $493,000. Tokio Marine Asset Management Co. Ltd. lifted its position in ServiceNow by 5.7% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,366 shares of the information technology services provider's stock valued at $5,068,000 after acquiring an additional 346 shares in the last quarter. S Bank Fund Management Ltd bought a new position in ServiceNow in the 1st quarter valued at approximately $2,923,000. Finally, National Pension Service lifted its position in ServiceNow by 5.0% in the 1st quarter. National Pension Service now owns 403,014 shares of the information technology services provider's stock valued at $320,856,000 after acquiring an additional 19,046 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Jefferies Financial Group upped their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Canaccord Genuity Group lowered their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, Stifel Nicolaus upped their price objective on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $12.81 during midday trading on Thursday, hitting $850.49. The company had a trading volume of 1,784,168 shares, compared to its average volume of 1,834,557. The company has a fifty day moving average of $970.30 and a two-hundred day moving average of $937.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $176.90 billion, a price-to-earnings ratio of 107.12, a PEG ratio of 3.89 and a beta of 0.93. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 239 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the completion of the sale, the director owned 10,404 shares in the company, valued at approximately $10,924,200. This represents a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 67 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $860.57, for a total value of $57,658.19. Following the completion of the sale, the insider owned 3,027 shares of the company's stock, valued at $2,604,945.39. The trade was a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,738 shares of company stock worth $5,713,973 in the last three months. 0.38% of the stock is owned by company insiders.

ServiceNow 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.