SeaTown Holdings Pte. Ltd. trimmed its position in ServiceNow Inc (NYSE:NOW) by 62.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,177 shares of the information technology services provider’s stock after selling 56,000 shares during the quarter. ServiceNow accounts for 1.0% of SeaTown Holdings Pte. Ltd.’s holdings, making the stock its 29th largest holding. SeaTown Holdings Pte. Ltd.’s holdings in ServiceNow were worth $6,686,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Northern Trust Corp lifted its holdings in shares of ServiceNow by 1.0% in the 2nd quarter. Northern Trust Corp now owns 990,521 shares of the information technology services provider’s stock worth $170,835,000 after buying an additional 9,950 shares during the period. Frontier Capital Management Co. LLC lifted its stake in shares of ServiceNow by 90.1% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 502,068 shares of the information technology services provider’s stock worth $98,220,000 after purchasing an additional 237,906 shares during the last quarter. Zurich Insurance Group Ltd FI lifted its stake in shares of ServiceNow by 43.3% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 37,929 shares of the information technology services provider’s stock worth $6,542,000 after purchasing an additional 11,454 shares during the last quarter. CAPROCK Group Inc. purchased a new stake in shares of ServiceNow during the 2nd quarter worth $266,000. Finally, Centaurus Financial Inc. purchased a new stake in shares of ServiceNow during the 2nd quarter worth $685,000. Institutional investors and hedge funds own 95.27% of the company’s stock.
In related news, Director Ronald E. F. Codd sold 39,506 shares of the company’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $185.88, for a total transaction of $7,343,375.28. Following the transaction, the director now directly owns 53,428 shares of the company’s stock, valued at approximately $9,931,196.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederic B. Luddy sold 32,500 shares of the company’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $174.56, for a total value of $5,673,200.00. Following the transaction, the director now directly owns 282,383 shares in the company, valued at $49,292,776.48. The disclosure for this sale can be found here. Insiders have sold a total of 190,350 shares of company stock worth $35,102,979 over the last ninety days. 1.60% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently weighed in on the company. Morgan Stanley decreased their price objective on ServiceNow from $198.00 to $188.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd. Needham & Company LLC assumed coverage on ServiceNow in a research note on Monday, October 22nd. They set a “buy” rating and a $224.00 price objective for the company. Macquarie set a $210.00 price objective on ServiceNow and gave the stock a “buy” rating in a research note on Friday, October 12th. Jefferies Financial Group assumed coverage on ServiceNow in a research note on Monday, October 1st. They set a “buy” rating and a $240.00 price objective for the company. Finally, Barclays upped their price objective on ServiceNow from $198.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, September 7th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $203.44.
Shares of NYSE:NOW opened at $183.73 on Friday. ServiceNow Inc has a 1 year low of $112.84 and a 1 year high of $206.29. The stock has a market cap of $29.98 billion, a P/E ratio of -174.98, a price-to-earnings-growth ratio of 31.26 and a beta of 1.23. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.72.
ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 24th. The information technology services provider reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.61. ServiceNow had a negative return on equity of 3.15% and a negative net margin of 2.52%. The company had revenue of $673.10 million for the quarter, compared to analyst estimates of $659.41 million. Research analysts expect that ServiceNow Inc will post 0.16 EPS for the current fiscal year.
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.
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