ServiceNow, Inc. (NYSE:NOW) Shares Purchased by GQG Partners LLC

GQG Partners LLC lifted its position in ServiceNow, Inc. (NYSE:NOW) by 63,533.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,536,122 shares of the information technology services provider’s stock after acquiring an additional 1,533,708 shares during the period. ServiceNow accounts for 1.9% of GQG Partners LLC’s holdings, making the stock its 23rd largest position. GQG Partners LLC owned about 0.75% of ServiceNow worth $713,867,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in NOW. Norges Bank purchased a new position in ServiceNow during the fourth quarter worth approximately $872,202,000. Moneta Group Investment Advisors LLC raised its position in ServiceNow by 69,897.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock valued at $332,386,000 after purchasing an additional 854,846 shares during the period. Winslow Capital Management LLC raised its holdings in shares of ServiceNow by 135.9% in the 4th quarter. Winslow Capital Management LLC now owns 1,272,706 shares of the information technology services provider’s stock valued at $494,154,000 after buying an additional 733,234 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of ServiceNow by 5.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,835,423 shares of the information technology services provider’s stock valued at $5,760,149,000 after buying an additional 727,494 shares during the period. Finally, Sustainable Growth Advisers LP purchased a new stake in shares of ServiceNow in the 1st quarter valued at $298,075,000. Hedge funds and other institutional investors own 87.14% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NOW. Jefferies Financial Group boosted their price objective on ServiceNow from $525.00 to $650.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Stifel Nicolaus boosted their target price on ServiceNow from $600.00 to $640.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird boosted their target price on ServiceNow from $640.00 to $650.00 in a research note on Thursday, July 27th. Needham & Company LLC reissued a “buy” rating and set a $660.00 target price on shares of ServiceNow in a research note on Friday, August 4th. Finally, StockNews.com began coverage on ServiceNow in a research note on Thursday, August 17th. They set a “buy” rating for the company. Two research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $591.38.

ServiceNow Stock Performance

NOW traded up $8.38 on Wednesday, hitting $587.25. 337,445 shares of the company traded hands, compared to its average volume of 1,498,477. The company has a 50 day moving average of $563.39 and a 200-day moving average of $504.98. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $119.65 billion, a PE ratio of 83.41, a PEG ratio of 5.73 and a beta of 1.02. ServiceNow, Inc. has a 12-month low of $337.00 and a 12-month high of $614.36.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 26th. The information technology services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.34. The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.13 billion. ServiceNow had a return on equity of 11.07% and a net margin of 17.76%. Sell-side analysts anticipate that ServiceNow, Inc. will post 3.59 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Russell S. Elmer sold 1,223 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $546.99, for a total value of $668,968.77. Following the sale, the general counsel now owns 4,136 shares in the company, valued at approximately $2,262,350.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Jacqueline P. Canney sold 1,486 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $544.95, for a total value of $809,795.70. Following the sale, the insider now owns 1,486 shares in the company, valued at approximately $809,795.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,223 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $546.99, for a total value of $668,968.77. Following the completion of the sale, the general counsel now owns 4,136 shares in the company, valued at approximately $2,262,350.64. The disclosure for this sale can be found here. Insiders have sold a total of 13,756 shares of company stock worth $7,584,005 in the last quarter. Company insiders own 0.28% of the company’s stock.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.