Simplicity Wealth LLC Acquires New Stake in ServiceNow, Inc. $NOW

Simplicity Wealth LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 10,344 shares of the information technology services provider’s stock, valued at approximately $1,027,000.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after purchasing an additional 81,752,460 shares during the last quarter. State Street Corp increased its holdings in shares of ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after acquiring an additional 25,517,218 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of ServiceNow by 404.8% in the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after acquiring an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of ServiceNow by 335.6% in the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after acquiring an additional 17,514,679 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NOW. Oppenheimer reiterated an “outperform” rating and issued a $140.00 price target (up from $130.00) on shares of ServiceNow in a research report on Wednesday, July 15th. BTIG Research restated a “buy” rating and set a $150.00 price objective on shares of ServiceNow in a report on Wednesday, July 22nd. Capital One Financial upped their price objective on shares of ServiceNow from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Jefferies Financial Group reissued a “buy” rating and issued a $140.00 target price (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, BMO Capital Markets boosted their price target on shares of ServiceNow from $115.00 to $118.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $143.76.

ServiceNow Stock Performance

Shares of NOW opened at $124.08 on Monday. The firm has a market cap of $128.29 billion, a price-to-earnings ratio of 77.55, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94. The company’s fifty day moving average is $107.08 and its 200-day moving average is $105.59. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same period last year, the business posted $0.81 EPS. ServiceNow’s revenue was up 24.0% compared to the same quarter last year. Equities analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.