Jennison Associates LLC Grows Stock Position in ServiceNow, Inc. $NOW

Jennison Associates LLC grew its position in ServiceNow, Inc. (NYSE:NOW) by 18.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,376,714 shares of the information technology services provider’s stock after acquiring an additional 363,793 shares during the quarter. ServiceNow comprises 1.4% of Jennison Associates LLC’s holdings, making the stock its 22nd largest position. Jennison Associates LLC’s holdings in ServiceNow were worth $2,443,452,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Global X Japan Co. Ltd. purchased a new position in ServiceNow during the second quarter worth approximately $30,000. LGT Financial Advisors LLC purchased a new position in ServiceNow during the second quarter worth approximately $32,000. Bogart Wealth LLC lifted its position in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new position in ServiceNow in the first quarter valued at approximately $26,000. Finally, Richardson Financial Services Inc. lifted its stake in ServiceNow by 50.0% during the second quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Guggenheim restated a “sell” rating and set a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Cowen restated a “buy” rating on shares of ServiceNow in a research note on Friday. Wells Fargo & Company upped their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Finally, DA Davidson upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,124.17.

ServiceNow Stock Down 0.7%

ServiceNow stock opened at $939.50 on Wednesday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock’s fifty day simple moving average is $920.02 and its 200-day simple moving average is $945.20. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $195.42 billion, a P/E ratio of 118.33, a P/E/G ratio of 4.27 and a beta of 0.92.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the transaction, the director owned 9,307 shares of the company’s stock, valued at $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the transaction, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 17,980 shares of company stock valued at $16,049,017. Insiders own 0.38% of the company’s stock.

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.