Carmignac Gestion Cuts Stake in ServiceNow, Inc. (NOW)
Carmignac Gestion lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,807,150 shares of the information technology services provider’s stock after selling 55,998 shares during the period. ServiceNow accounts for about 3.4% of Carmignac Gestion’s investment portfolio, making the stock its 8th biggest holding. Carmignac Gestion owned 2.20% of ServiceNow worth $447,454,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Barrett Asset Management LLC bought a new stake in ServiceNow during the second quarter worth approximately $117,000. SeaBridge Investment Advisors LLC bought a new stake in ServiceNow during the third quarter worth approximately $118,000. Rockefeller Financial Services Inc. bought a new stake in ServiceNow during the third quarter worth approximately $138,000. Commonwealth Bank of Australia raised its holdings in ServiceNow by 5.8% during the second quarter. Commonwealth Bank of Australia now owns 1,518 shares of the information technology services provider’s stock worth $159,000 after purchasing an additional 83 shares in the last quarter. Finally, LS Investment Advisors LLC raised its holdings in ServiceNow by 3.6% during the second quarter. LS Investment Advisors LLC now owns 1,738 shares of the information technology services provider’s stock worth $184,000 after purchasing an additional 61 shares in the last quarter.
In other ServiceNow news, Director Frederic B. Luddy sold 165,000 shares of ServiceNow stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $116.03, for a total transaction of $19,144,950.00. Following the transaction, the director now directly owns 29,990 shares in the company, valued at approximately $3,479,739.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO David Schneider sold 16,349 shares of ServiceNow stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $124.21, for a total transaction of $2,030,709.29. Following the transaction, the executive now owns 67,185 shares in the company, valued at $8,345,048.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 962,639 shares of company stock worth $114,959,897. Corporate insiders own 3.30% of the company’s stock.
ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.06. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 22.11%. The firm had revenue of $498.20 million for the quarter, compared to analysts’ expectations of $491.62 million. During the same period in the previous year, the company posted $0.23 EPS. The company’s quarterly revenue was up 39.3% compared to the same quarter last year. sell-side analysts predict that ServiceNow, Inc. will post -0.35 earnings per share for the current year.
Several equities research analysts recently commented on the company. Argus reissued a “buy” rating and set a $150.00 target price (up previously from $125.00) on shares of ServiceNow in a report on Friday, October 27th. Bank of America boosted their target price on ServiceNow from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research cut ServiceNow from a “hold” rating to a “sell” rating in a report on Monday, October 30th. UBS boosted their target price on ServiceNow from $128.00 to $168.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Finally, Piper Jaffray Companies raised ServiceNow from a “neutral” rating to an “overweight” rating in a report on Monday, October 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-nine have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $130.50.
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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