HMI Capital Management L.P. Invests $41.31 Million in ServiceNow, Inc. $NOW

HMI Capital Management L.P. acquired a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, HoldingsChannel reports. The firm acquired 416,100 shares of the information technology services provider’s stock, valued at approximately $41,310,000. ServiceNow makes up about 5.8% of HMI Capital Management L.P.’s portfolio, making the stock its 8th largest holding.

A number of other hedge funds have also recently bought and sold shares of NOW. Brighton Jones LLC raised its holdings in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of ServiceNow by 4.2% during the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider’s stock worth $861,000 after purchasing an additional 34 shares during the last quarter. United Bank grew its position in shares of ServiceNow by 15.5% in the second quarter. United Bank now owns 1,519 shares of the information technology services provider’s stock valued at $1,562,000 after purchasing an additional 204 shares during the period. Riggs Asset Managment Co. Inc. grew its position in shares of ServiceNow by 2.2% in the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider’s stock valued at $1,976,000 after purchasing an additional 42 shares during the period. Finally, Nebula Research & Development LLC increased its stake in ServiceNow by 205.1% in the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider’s stock valued at $931,000 after purchasing an additional 609 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 0.3%

NYSE NOW opened at $128.09 on Tuesday. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $194.73. The company’s 50 day moving average price is $109.36 and its 200 day moving average price is $105.79. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $132.45 billion, a price-to-earnings ratio of 80.06, a PEG ratio of 2.26 and a beta of 0.94.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share 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 firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.93 billion. During the same period in the previous year, the company posted $0.81 earnings per share. ServiceNow’s revenue was up 24.0% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current year.

Insider Activity at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $125.60, for a total transaction of $188,400.00. Following the transaction, the director owned 46,690 shares in the company, valued at approximately $5,864,264. The trade was a 3.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NOW shares. Wells Fargo & Company reiterated an “overweight” rating and set a $175.00 target price (up from $160.00) on shares of ServiceNow in a research report on Wednesday, August 12th. Guggenheim raised shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Wednesday, July 1st. JPMorgan Chase & Co. increased their price objective on shares of ServiceNow from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Royal Bank Of Canada restated an “outperform” rating and issued a $130.00 target price on shares of ServiceNow in a report on Thursday, July 23rd. Finally, Citigroup reaffirmed a “market outperform” rating on shares of ServiceNow in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $144.24.

ServiceNow 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.