Summit Global Investments Grows Stake in ServiceNow, Inc. (NYSE:NOW)

Summit Global Investments boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 79.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 671 shares of the information technology services provider’s stock after purchasing an additional 297 shares during the quarter. Summit Global Investments’ holdings in ServiceNow were worth $474,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in NOW. Los Angeles Capital Management LLC increased its position in shares of ServiceNow by 5.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 357,629 shares of the information technology services provider’s stock worth $252,661,000 after purchasing an additional 19,595 shares in the last quarter. Natixis Advisors L.P. lifted its stake in ServiceNow by 2.4% in the fourth quarter. Natixis Advisors L.P. now owns 210,921 shares of the information technology services provider’s stock valued at $149,014,000 after buying an additional 5,034 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of ServiceNow by 17.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 43,177 shares of the information technology services provider’s stock valued at $30,504,000 after acquiring an additional 6,478 shares during the period. West Family Investments Inc. grew its position in shares of ServiceNow by 6.8% during the fourth quarter. West Family Investments Inc. now owns 585 shares of the information technology services provider’s stock worth $413,000 after acquiring an additional 37 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in ServiceNow by 7.4% in the 4th quarter. Fisher Asset Management LLC now owns 1,447,294 shares of the information technology services provider’s stock valued at $1,022,500,000 after purchasing an additional 100,331 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NYSE:NOW opened at $716.65 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.06. The firm has a market cap of $147.19 billion, a PE ratio of 76.65, a P/E/G ratio of 4.50 and a beta of 0.98. The firm has a 50 day simple moving average of $753.36 and a 200-day simple moving average of $715.16. ServiceNow, Inc. has a 1-year low of $428.97 and a 1-year high of $815.32.

Insiders Place Their Bets

In other news, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the sale, the insider now owns 5,453 shares in the company, valued at $4,064,229.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul John Smith sold 5,159 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares in the company, valued at $4,064,229.96. The disclosure for this sale can be found here. In the last three months, insiders sold 11,369 shares of company stock valued at $8,538,300. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Barclays upped their target price on shares of ServiceNow from $765.00 to $870.00 and gave the company an “overweight” rating in a report on Tuesday, January 23rd. KeyCorp decreased their price objective on ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Needham & Company LLC restated a “buy” rating and set a $900.00 price target on shares of ServiceNow in a research note on Thursday, April 25th. Citigroup raised their target price on shares of ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Finally, BMO Capital Markets cut their price target on shares of ServiceNow from $850.00 to $830.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $807.28.

About ServiceNow

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.