Zweig DiMenna Associates LLC Has $16.78 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Zweig DiMenna Associates LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,766 shares of the information technology services provider’s stock after selling 1,340 shares during the quarter. ServiceNow comprises approximately 1.7% of Zweig DiMenna Associates LLC’s investment portfolio, making the stock its 19th biggest position. Zweig DiMenna Associates LLC’s holdings in ServiceNow were worth $16,784,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its holdings in shares of ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Swedbank AB acquired a new position in ServiceNow in the first quarter valued at about $897,908,000. Vanguard Group Inc. lifted its position in ServiceNow by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after purchasing an additional 331,797 shares during the period. AustralianSuper Pty Ltd acquired a new stake in ServiceNow during the second quarter worth about $218,786,000. Finally, Acadian Asset Management LLC grew its stake in ServiceNow by 233.4% during the first quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after buying an additional 271,073 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the transaction, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,799,853.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,467 shares of company stock worth $4,450,447 over the last quarter. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on NOW shares. BMO Capital Markets upped their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,025.00 to $1,050.00 and gave the company an “overweight” rating in a research report on Thursday. Guggenheim restated a “sell” rating and set a $640.00 price objective on shares of ServiceNow in a research report on Monday, July 8th. Robert W. Baird raised their price objective on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $900.00 to $960.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $970.22.

ServiceNow Price Performance

ServiceNow stock opened at $956.40 on Friday. The firm has a market cap of $197.02 billion, a P/E ratio of 172.95, a P/E/G ratio of 5.04 and a beta of 0.99. The stock’s 50 day moving average is $880.60 and its 200 day moving average is $795.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $979.78.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the company earned $1.21 EPS. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, research analysts expect that ServiceNow, Inc. will post 7.41 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.