Martingale Asset Management L P Lowers Holdings in ServiceNow, Inc. (NYSE:NOW)

Martingale Asset Management L P reduced its position in ServiceNow, Inc. (NYSE:NOW) by 21.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,275 shares of the information technology services provider’s stock after selling 8,264 shares during the period. Martingale Asset Management L P’s holdings in ServiceNow were worth $27,078,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in NOW. International Assets Investment Management LLC lifted its stake in shares of ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after purchasing an additional 1,183,739 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. FMR LLC lifted its stake in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after acquiring an additional 502,845 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of ServiceNow by 917.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 310,754 shares of the information technology services provider’s stock worth $277,935,000 after acquiring an additional 280,210 shares during the last quarter. Finally, AustralianSuper Pty Ltd purchased a new position in ServiceNow during the 2nd quarter worth $218,786,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Down 2.7 %

Shares of NYSE NOW opened at $1,041.40 on Friday. The stock has a market cap of $214.53 billion, a P/E ratio of 161.96, a PEG ratio of 5.98 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,072.84. The business’s fifty day simple moving average is $960.84 and its 200-day simple moving average is $843.79.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period last year, the firm earned $1.21 earnings per share. As a group, equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,329 shares of company stock valued at $20,547,241 over the last quarter. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. Canaccord Genuity Group lifted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Citigroup lifted their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. KeyCorp upped their price target on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Evercore ISI upped their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $989.07.

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.