Seven Eight Capital LP Raises Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Seven Eight Capital LP raised its position in ServiceNow, Inc. (NYSE:NOW) by 9.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,222 shares of the information technology services provider’s stock after purchasing an additional 105 shares during the period. Seven Eight Capital LP’s holdings in ServiceNow were worth $932,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of ServiceNow during the fourth quarter worth approximately $1,648,259,000. International Assets Investment Management LLC raised its position in ServiceNow by 69,354.6% in the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after acquiring an additional 820,465 shares in the last quarter. Global Assets Advisory LLC purchased a new position in ServiceNow in the first quarter worth $403,034,000. Cerity Partners LLC raised its position in ServiceNow by 1,073.7% in the fourth quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after acquiring an additional 371,648 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in ServiceNow by 1.8% in 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 acquiring an additional 331,797 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $727.38, for a total value of $90,922.50. Following the transaction, the insider now directly owns 3,112 shares in the company, valued at approximately $2,263,606.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the sale, the insider now directly owns 3,112 shares in the company, valued at approximately $2,263,606.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christopher Bedi sold 215 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total value of $150,500.00. Following the sale, the insider now owns 15,892 shares in the company, valued at $11,124,400. The disclosure for this sale can be found here. Insiders have sold a total of 5,530 shares of company stock worth $3,997,012 in the last three months. 0.25% of the stock is currently owned by company insiders.

ServiceNow Trading Up 1.2 %

NYSE:NOW traded up $8.95 during mid-day trading on Tuesday, reaching $765.45. The company’s stock had a trading volume of 1,006,818 shares, compared to its average volume of 1,282,067. The company’s fifty day simple moving average is $741.08 and its two-hundred day simple moving average is $748.97. The stock has a market cap of $156.92 billion, a P/E ratio of 80.91, a P/E/G ratio of 4.71 and a beta of 0.99. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. ServiceNow, Inc. has a twelve month low of $527.24 and a twelve month high of $815.32.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.41. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.59 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. On average, equities analysts predict that ServiceNow, Inc. will post 6.5 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on NOW shares. Robert W. Baird upped their target price on ServiceNow from $870.00 to $885.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $900.00 target price on shares of ServiceNow in a report on Monday, July 8th. BMO Capital Markets lowered their target price on ServiceNow from $850.00 to $830.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Wells Fargo & Company upped their target price on ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Finally, Wolfe Research reissued an “outperform” rating and issued a $830.00 target price on shares of ServiceNow in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $818.20.

ServiceNow Company 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.