Westfield Capital Management Co. LP Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Westfield Capital Management Co. LP increased its holdings in ServiceNow, Inc. by 1.7% during the 1st quarter, owning 320,284 shares valued at approximately $254.99 million.
• Multiple hedge funds are adjusting their positions in ServiceNow, with 87.18% of the stock currently owned by institutional investors.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analyst estimates and showing a 22.4% year-over-year revenue increase to $3.22 billion.

Westfield Capital Management Co. LP increased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 320,284 shares of the information technology services provider's stock after acquiring an additional 5,241 shares during the period. ServiceNow makes up about 1.2% of Westfield Capital Management Co. LP's holdings, making the stock its 13th largest holding. Westfield Capital Management Co. LP owned approximately 0.15% of ServiceNow worth $254,991,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position 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 worth $2,919,000 after buying an additional 30 shares during the period. Smith Moore & CO. purchased a new position in shares of ServiceNow during the fourth quarter worth $209,000. Riverwater Partners LLC purchased a new position in shares of ServiceNow during the fourth quarter worth $214,000. KCM Investment Advisors LLC boosted its position in shares of ServiceNow by 1.7% during the fourth quarter. KCM Investment Advisors LLC now owns 886 shares of the information technology services provider's stock worth $939,000 after buying an additional 15 shares during the period. Finally, Oarsman Capital Inc. boosted its position in shares of ServiceNow by 5.2% during the fourth quarter. Oarsman Capital Inc. now owns 381 shares of the information technology services provider's stock worth $404,000 after buying an additional 19 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the sale, the director directly owned 10,891 shares in the company, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,990 shares of company stock valued at $6,047,567. Insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Tuesday, July 22nd. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Evercore ISI increased their price objective on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Wall Street Zen upgraded ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday, July 29th. Finally, Mizuho increased their price objective 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. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Performance

NYSE NOW opened at $914.03 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The business's 50-day moving average price is $994.89 and its 200 day moving average price is $949.28. The firm has a market cap of $190.12 billion, a P/E ratio of 115.12, a P/E/G ratio of 4.12 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last released 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 firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the company posted $3.13 earnings per share. The business's revenue was up 22.4% on a year-over-year basis. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.

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