Gemmer Asset Management LLC Increases Position in ServiceNow, Inc. $NOW

Gemmer Asset Management LLC increased its stake in ServiceNow, Inc. (NYSE:NOW) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,058 shares of the information technology services provider’s stock after purchasing an additional 140 shares during the quarter. ServiceNow accounts for 2.2% of Gemmer Asset Management LLC’s investment portfolio, making the stock its 12th largest position. Gemmer Asset Management LLC’s holdings in ServiceNow were worth $24,734,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in NOW. Nuveen LLC purchased a new position in shares of ServiceNow in the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Parnassus Investments LLC acquired a new stake in ServiceNow in the 1st quarter valued at about $519,806,000. Finally, Amundi grew its stake in ServiceNow by 61.9% in the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after acquiring an additional 626,623 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research reports. DA Davidson increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a research note on Saturday, September 27th. Erste Group Bank reissued a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Morgan Stanley raised shares of ServiceNow from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

Insider Transactions at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 in the last three months. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Up 0.2%

NYSE NOW opened at $911.75 on Friday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company’s 50 day moving average price is $914.67 and its 200 day moving average price is $929.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $189.64 billion, a price-to-earnings ratio of 114.83, a PEG ratio of 4.11 and a beta of 0.92.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. ServiceNow’s revenue for the quarter was up 22.4% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

About ServiceNow

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.