Investors Sell Shares of ServiceNow, Inc. (NOW) on Strength (NOW)
Investors sold shares of ServiceNow, Inc. (NYSE:NOW) on strength during trading hours on Monday. $27.65 million flowed into the stock on the tick-up and $89.25 million flowed out of the stock on the tick-down, for a money net flow of $61.60 million out of the stock. Of all equities tracked, ServiceNow had the 15th highest net out-flow for the day. ServiceNow traded up $1.27 for the day and closed at $117.67
NOW has been the topic of several research reports. BidaskClub lowered shares of ServiceNow from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Moffett Nathanson initiated coverage on shares of ServiceNow in a report on Wednesday, September 6th. They issued a “buy” rating on the stock. Robert W. Baird reaffirmed a “buy” rating and issued a $120.00 price target on shares of ServiceNow in a report on Friday, September 1st. ValuEngine raised shares of ServiceNow from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Sanford C. Bernstein initiated coverage on shares of ServiceNow in a report on Wednesday, May 24th. They issued an “outperform” rating and a $120.00 price target on the stock. Eight analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the company. ServiceNow presently has an average rating of “Buy” and a consensus target price of $117.40.
The stock’s market capitalization is $20.09 billion. The firm has a 50-day moving average price of $110.32 and a 200 day moving average price of $100.03.
ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The business had revenue of $471.70 million for the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The business’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Analysts expect that ServiceNow, Inc. will post $1.17 EPS for the current year.
In related news, CRO David Schneider sold 16,349 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $107.25, for a total value of $1,753,430.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 150,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $104.09, for a total transaction of $15,613,500.00. Following the completion of the sale, the director now owns 356,287 shares of the company’s stock, valued at approximately $37,085,913.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 928,853 shares of company stock worth $101,627,586. Insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in NOW. Capital World Investors acquired a new stake in shares of ServiceNow in the second quarter valued at about $259,594,000. Coatue Management LLC acquired a new stake in shares of ServiceNow in the second quarter valued at about $184,317,000. FMR LLC lifted its stake in shares of ServiceNow by 91.1% in the first quarter. FMR LLC now owns 3,280,069 shares of the information technology services provider’s stock valued at $286,908,000 after purchasing an additional 1,563,778 shares during the period. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 8.1% in the first quarter. Vanguard Group Inc. now owns 13,244,656 shares of the information technology services provider’s stock valued at $1,158,511,000 after purchasing an additional 994,461 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of ServiceNow by 770.6% in the first quarter. Renaissance Technologies LLC now owns 1,072,600 shares of the information technology services provider’s stock valued at $93,820,000 after purchasing an additional 949,400 shares during the period.
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ServiceNow Company Profile
ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.
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