TD Asset Management Inc. Acquires 24,413 Shares of ServiceNow Inc (NYSE:NOW)

TD Asset Management Inc. raised its holdings in shares of ServiceNow Inc (NYSE:NOW) by 7.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 338,616 shares of the information technology services provider’s stock after purchasing an additional 24,413 shares during the period. TD Asset Management Inc. owned 0.18% of ServiceNow worth $92,974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. GQG Partners LLC increased its stake in shares of ServiceNow by 444.8% during the first quarter. GQG Partners LLC now owns 985,385 shares of the information technology services provider’s stock valued at $242,370,000 after purchasing an additional 804,514 shares in the last quarter. Jennison Associates LLC increased its stake in shares of ServiceNow by 26.2% during the first quarter. Jennison Associates LLC now owns 3,036,568 shares of the information technology services provider’s stock valued at $748,484,000 after purchasing an additional 630,491 shares in the last quarter. Carillon Tower Advisers Inc. increased its stake in shares of ServiceNow by 60.2% during the first quarter. Carillon Tower Advisers Inc. now owns 701,244 shares of the information technology services provider’s stock valued at $172,849,000 after purchasing an additional 263,615 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of ServiceNow by 4,071.9% during the first quarter. CIBC Private Wealth Group LLC now owns 201,126 shares of the information technology services provider’s stock valued at $49,576,000 after purchasing an additional 196,305 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its stake in shares of ServiceNow by 45.1% during the first quarter. Eagle Asset Management Inc. now owns 579,190 shares of the information technology services provider’s stock valued at $142,764,000 after purchasing an additional 180,026 shares in the last quarter. 93.66% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently weighed in on NOW. Jefferies Financial Group raised their price target on shares of ServiceNow from $285.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Deutsche Bank raised their price target on shares of ServiceNow from $285.00 to $305.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Needham & Company LLC raised their price target on shares of ServiceNow from $276.00 to $320.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. They noted that the move was a valuation call. Raymond James raised their price target on shares of ServiceNow from $340.00 to $342.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Finally, Cowen raised their price target on shares of ServiceNow from $260.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Four investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the stock. ServiceNow currently has a consensus rating of “Buy” and an average price target of $287.86.

In other news, insider Michael Scarpelli sold 25,899 shares of ServiceNow stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $278.41, for a total transaction of $7,210,540.59. Following the transaction, the insider now owns 37,071 shares in the company, valued at approximately $10,320,937.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chirantan Jitendra Desai sold 6,962 shares of ServiceNow stock in a transaction on Monday, May 20th. The stock was sold at an average price of $266.96, for a total transaction of $1,858,575.52. Following the transaction, the insider now owns 29,578 shares in the company, valued at approximately $7,896,142.88. The disclosure for this sale can be found here. Insiders sold 95,474 shares of company stock worth $26,822,916 in the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

NOW stock traded down $3.02 on Wednesday, hitting $255.55. The company had a trading volume of 369,898 shares, compared to its average volume of 1,860,984. ServiceNow Inc has a 12-month low of $147.63 and a 12-month high of $303.17. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average of $283.28. The company has a market capitalization of $48.28 billion, a PE ratio of 1,277.75, a price-to-earnings-growth ratio of 21.96 and a beta of 1.30.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 24th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. ServiceNow had a net margin of 0.09% and a return on equity of 4.29%. The company had revenue of $833.90 million for the quarter, compared to analysts’ expectations of $831.50 million. During the same quarter last year, the company posted $0.49 earnings per share. The firm’s quarterly revenue was up 32.1% on a year-over-year basis. Analysts anticipate that ServiceNow Inc will post 0.43 earnings per share for the current year.

ServiceNow Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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