Gunderson Capital Management Inc. reduced its holdings in ServiceNow, Inc. (NYSE:NOW – Free Report) by 5.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,622 shares of the information technology services provider’s stock after selling 715 shares during the period. ServiceNow makes up 4.3% of Gunderson Capital Management Inc.’s portfolio, making the stock its 9th largest holding. Gunderson Capital Management Inc.’s holdings in ServiceNow were worth $6,531,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the business. CoreCap Advisors LLC purchased a new position in shares of ServiceNow during the 4th quarter worth about $27,000. Barrett & Company Inc. purchased a new position in shares of ServiceNow during the first quarter valued at approximately $28,000. High Net Worth Advisory Group LLC bought a new position in shares of ServiceNow during the first quarter valued at approximately $29,000. Larson Financial Group LLC raised its holdings in shares of ServiceNow by 153.8% in the first quarter. Larson Financial Group LLC now owns 66 shares of the information technology services provider’s stock worth $31,000 after buying an additional 40 shares during the period. Finally, Resources Management Corp CT ADV lifted its stake in shares of ServiceNow by 233.3% during the 1st quarter. Resources Management Corp CT ADV now owns 500 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 350 shares during the last quarter. 87.14% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on NOW. TheStreet upgraded ServiceNow from a “c+” rating to a “b” rating in a research report on Wednesday, July 26th. Mizuho lifted their price objective on shares of ServiceNow from $510.00 to $620.00 in a report on Monday, July 17th. HSBC started coverage on shares of ServiceNow in a research note on Friday. They issued a “buy” rating and a $704.00 target price on the stock. Moffett Nathanson boosted their price target on ServiceNow from $549.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Finally, Morgan Stanley raised their price objective on ServiceNow from $586.00 to $630.00 in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $594.79.
Insider Activity at ServiceNow
In other news, insider Christopher Bedi sold 1,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $593.51, for a total transaction of $593,510.00. Following the sale, the insider now directly owns 15,484 shares in the company, valued at approximately $9,189,908.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ServiceNow news, insider Christopher Bedi sold 1,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $593.51, for a total transaction of $593,510.00. Following the completion of the transaction, the insider now directly owns 15,484 shares in the company, valued at $9,189,908.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 1,300 shares of ServiceNow stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $555.00, for a total transaction of $721,500.00. Following the completion of the sale, the director now owns 13,741 shares in the company, valued at approximately $7,626,255. The disclosure for this sale can be found here. Insiders sold a total of 17,951 shares of company stock worth $10,147,437 in the last three months. Company insiders own 0.24% of the company’s stock.
ServiceNow Stock Performance
NYSE:NOW traded down $10.53 during mid-day trading on Friday, hitting $579.58. The company’s stock had a trading volume of 1,710,387 shares, compared to its average volume of 797,218. The stock has a market cap of $118.08 billion, a price-to-earnings ratio of 83.51, a PEG ratio of 5.95 and a beta of 1.01. The business’s fifty day moving average is $573.51 and its two-hundred day moving average is $516.53. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.14 and a quick ratio of 1.14. ServiceNow, Inc. has a 1 year low of $337.00 and a 1 year high of $614.36.
ServiceNow (NYSE:NOW – Get Free Report) last posted its earnings results on Wednesday, July 26th. The information technology services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.43 by $0.34. ServiceNow had a return on equity of 11.07% and a net margin of 17.76%. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.13 billion. Analysts anticipate that ServiceNow, Inc. will post 3.59 EPS for the current fiscal year.
ServiceNow Company Profile
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.
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