Sone Capital Management LLC Invests $6.20 Million in ServiceNow, Inc. $NOW

Sone Capital Management LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 62,397 shares of the information technology services provider’s stock, valued at approximately $6,195,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOW. Covenant Asset Management LLC boosted its position in ServiceNow by 169.2% in the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock valued at $3,196,000 after buying an additional 13,114 shares during the last quarter. Norges Bank purchased a new position in ServiceNow during the 4th quarter worth approximately $2,020,992,000. World Investment Advisors lifted its stake in ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after acquiring an additional 38,583 shares during the period. Moors & Cabot Inc. boosted its holdings in shares of ServiceNow by 387.7% in the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock valued at $6,990,000 after acquiring an additional 36,274 shares during the last quarter. Finally, Bank of Nova Scotia boosted its holdings in shares of ServiceNow by 53.3% in the 1st quarter. Bank of Nova Scotia now owns 1,018,036 shares of the information technology services provider’s stock valued at $106,436,000 after acquiring an additional 353,749 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on NOW shares. JPMorgan Chase & Co. raised their target price on shares of ServiceNow from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Cantor Fitzgerald increased their price target on ServiceNow from $122.00 to $141.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Robert W. Baird raised their target price on ServiceNow from $118.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $248.00 price objective (up from $236.00) on shares of ServiceNow in a report on Thursday, July 23rd. Finally, Guggenheim upgraded ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $144.24.

Insider Buying and Selling at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $125.60, for a total value of $188,400.00. Following the completion of the sale, the director owned 46,690 shares of the company’s stock, valued at $5,864,264. This represents a 3.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $128.09 on Tuesday. 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 business’s 50 day moving average price is $109.36 and its 200 day moving average price is $105.79. The company has a market cap 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, Inc. has a one year low of $81.24 and a one year high of $194.73.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same period last year, the company earned $0.81 EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, research analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current year.

About ServiceNow

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.