Platinum Investment Management Ltd. Buys New Position in ServiceNow, Inc. $NOW

Platinum Investment Management Ltd. bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,149 shares of the information technology services provider’s stock, valued at approximately $1,181,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. AMI Asset Management Corp raised its stake in ServiceNow by 79.8% in the second quarter. AMI Asset Management Corp now owns 39,778 shares of the information technology services provider’s stock valued at $40,895,000 after purchasing an additional 17,650 shares in the last quarter. Warren Street Wealth Advisors LLC raised its stake in ServiceNow by 20.6% in the second quarter. Warren Street Wealth Advisors LLC now owns 322 shares of the information technology services provider’s stock valued at $331,000 after purchasing an additional 55 shares in the last quarter. Pure Financial Advisors LLC raised its stake in ServiceNow by 16.0% in the second quarter. Pure Financial Advisors LLC now owns 993 shares of the information technology services provider’s stock valued at $1,020,000 after purchasing an additional 137 shares in the last quarter. Clarity Financial LLC purchased a new stake in ServiceNow in the second quarter valued at approximately $8,243,000. Finally, BSW Wealth Partners raised its stake in ServiceNow by 18.6% in the second quarter. BSW Wealth Partners now owns 990 shares of the information technology services provider’s stock valued at $1,018,000 after purchasing an additional 155 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOW has been the topic of a number of recent analyst reports. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Mizuho lifted their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Thursday, June 12th. Citigroup lifted their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Finally, BMO Capital Markets lifted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,122.20.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Down 0.9%

Shares of ServiceNow stock opened at $912.13 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock has a market capitalization of $189.72 billion, a price-to-earnings ratio of 114.88, a P/E/G ratio of 4.15 and a beta of 0.92. The company’s 50 day moving average price is $917.56 and its 200-day moving average price is $928.31.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the business earned $3.13 earnings per share. The business’s revenue was up 22.4% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.