Martingale Asset Management L P Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

Martingale Asset Management L P decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 21.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 30,275 shares of the information technology services provider’s stock after selling 8,264 shares during the period. Martingale Asset Management L P’s holdings in ServiceNow were worth $27,078,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in NOW. International Assets Investment Management LLC lifted its holdings in ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Bank of Montreal Can increased its stake in ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. FMR LLC increased its stake in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after acquiring an additional 502,845 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in ServiceNow by 917.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 310,754 shares of the information technology services provider’s stock worth $277,935,000 after acquiring an additional 280,210 shares during the last quarter. Finally, AustralianSuper Pty Ltd bought a new position in ServiceNow in the 2nd quarter worth about $218,786,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In related news, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now directly owns 42,920 shares in the company, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,329 shares of company stock valued at $20,547,241 over the last 90 days. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

NOW has been the topic of a number of research analyst reports. TD Cowen upped their target price on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada upped their target price on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company increased their price objective on ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th. Canaccord Genuity Group increased their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, Citigroup increased their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $989.07.

ServiceNow Stock Down 2.7 %

ServiceNow stock opened at $1,041.40 on Friday. The firm has a market cap of $214.53 billion, a price-to-earnings ratio of 161.96, a PEG ratio of 5.98 and a beta of 0.98. The stock has a fifty day simple moving average of $960.84 and a two-hundred day simple moving average of $843.79. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,072.84. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the previous year, the company posted $1.21 earnings per share. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. Equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

ServiceNow Profile

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.