IndexIQ Advisors LLC Raises Stake in ServiceNow, Inc. (NYSE:NOW)

IndexIQ Advisors LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 5.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,419 shares of the information technology services provider’s stock after buying an additional 190 shares during the quarter. IndexIQ Advisors LLC’s holdings in ServiceNow were worth $2,128,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Handelsbanken Fonder AB grew its holdings in shares of ServiceNow by 1.6% during the third quarter. Handelsbanken Fonder AB now owns 42,418 shares of the information technology services provider’s stock worth $26,395,000 after buying an additional 652 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in shares of ServiceNow by 16.1% during the third quarter. Rafferty Asset Management LLC now owns 37,933 shares of the information technology services provider’s stock worth $23,605,000 after buying an additional 5,247 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of ServiceNow by 64.3% during the third quarter. O Shaughnessy Asset Management LLC now owns 2,927 shares of the information technology services provider’s stock worth $1,822,000 after buying an additional 1,146 shares in the last quarter. Forsta AP Fonden grew its holdings in shares of ServiceNow by 11.6% during the third quarter. Forsta AP Fonden now owns 43,400 shares of the information technology services provider’s stock worth $27,007,000 after buying an additional 4,500 shares in the last quarter. Finally, Heritage Wealth Management LLC grew its holdings in shares of ServiceNow by 3.9% during the third quarter. Heritage Wealth Management LLC now owns 869 shares of the information technology services provider’s stock worth $541,000 after buying an additional 33 shares in the last quarter. Institutional investors and hedge funds own 86.14% of the company’s stock.

In other ServiceNow news, Director Frederic B. Luddy sold 15,000 shares of the business’s stock in a transaction on Wednesday, January 12th. The shares were sold at an average price of $577.36, for a total transaction of $8,660,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 66 shares of the business’s stock in a transaction on Tuesday, November 9th. The shares were sold at an average price of $695.31, for a total transaction of $45,890.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,655 shares of company stock valued at $15,161,081. 0.35% of the stock is owned by insiders.

A number of equities research analysts have recently commented on NOW shares. Royal Bank of Canada lifted their price target on shares of ServiceNow from $775.00 to $785.00 and gave the stock an “outperform” rating in a report on Thursday, October 28th. Bank of America raised their target price on shares of ServiceNow from $700.00 to $800.00 and gave the stock a “buy” rating in a research report on Wednesday, October 20th. Robert W. Baird raised their target price on shares of ServiceNow from $580.00 to $650.00 and gave the stock a “neutral” rating in a research report on Thursday, October 28th. Credit Suisse Group assumed coverage on shares of ServiceNow in a research report on Tuesday, November 16th. They issued an “outperform” rating and a $850.00 target price on the stock. Finally, UBS Group raised their target price on shares of ServiceNow from $650.00 to $716.00 and gave the stock a “buy” rating in a research report on Thursday, October 28th. Three analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $720.90.

Shares of NYSE:NOW opened at $531.02 on Friday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.42. The company has a fifty day simple moving average of $635.98 and a 200 day simple moving average of $625.86. The firm has a market cap of $105.67 billion, a PE ratio of 487.17, a price-to-earnings-growth ratio of 9.42 and a beta of 1.01. ServiceNow, Inc. has a 12-month low of $448.27 and a 12-month high of $707.60.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 27th. The information technology services provider reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.16. ServiceNow had a net margin of 3.99% and a return on equity of 9.31%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The firm’s revenue for the quarter was up 31.3% compared to the same quarter last year. As a group, equities research analysts forecast that ServiceNow, Inc. will post 1.39 EPS for the current fiscal year.

About ServiceNow

ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. It offers its solutions for the industries under the categories of government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil & gas, education, and consumer products.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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