1,738,838 Shares in ServiceNow, Inc. (NOW) Acquired by Coatue Management LLC

Coatue Management LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,738,838 shares of the information technology services provider’s stock, valued at approximately $184,317,000. ServiceNow makes up about 1.7% of Coatue Management LLC’s portfolio, making the stock its 23rd largest position. Coatue Management LLC owned about 1.02% of ServiceNow as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Cornerstone Advisors Inc. raised its holdings in ServiceNow by 29.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock valued at $115,000 after acquiring an additional 245 shares in the last quarter. Barrett Asset Management LLC acquired a new position in ServiceNow in the 2nd quarter valued at approximately $117,000. Crow Point Partners LLC raised its holdings in ServiceNow by 8.8% in the 2nd quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock valued at $140,000 after acquiring an additional 107 shares in the last quarter. Global X Management Co. LLC raised its holdings in ServiceNow by 30.6% in the 1st quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock valued at $123,000 after acquiring an additional 330 shares in the last quarter. Finally, TLP Group LLC acquired a new position in ServiceNow in the 1st quarter valued at approximately $131,000.

In related news, Director Frank Slootman sold 252,211 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $109.19, for a total value of $27,538,919.09. Following the sale, the director now owns 356,287 shares of the company’s stock, valued at $38,902,977.53. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Frederic B. Luddy sold 82,500 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $116.13, for a total transaction of $9,580,725.00. Following the completion of the sale, the director now directly owns 29,990 shares in the company, valued at approximately $3,482,738.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,176,353 shares of company stock worth $130,353,261. Insiders own 3.30% of the company’s stock.

Several research firms have commented on NOW. Stephens began coverage on ServiceNow in a report on Thursday, May 25th. They issued an “overweight” rating and a $120.00 price target for the company. Barclays PLC upped their price target on ServiceNow from $120.00 to $126.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Canaccord Genuity reissued a “buy” rating and issued a $130.00 target price (up from $110.00) on shares of ServiceNow in a report on Thursday, July 27th. Raymond James Financial, Inc. increased their target price on ServiceNow from $110.00 to $126.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 27th. Finally, Royal Bank Of Canada increased their target price on ServiceNow from $110.00 to $126.00 and gave the stock a “top pick” rating in a report on Monday, July 24th. Eight investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. ServiceNow has an average rating of “Buy” and a consensus price target of $118.08.

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ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. The firm had revenue of $471.70 million for the quarter, compared to analysts’ expectations of $462.11 million. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The company’s revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share.

ServiceNow Company Profile

ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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