Glynn Capital Management LLC increased its stake in ServiceNow Inc. (NYSE:NOW) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 186,493 shares of the company’s stock after buying an additional 10,237 shares during the period. ServiceNow makes up 4.0% of Glynn Capital Management LLC’s investment portfolio, making the stock its 11th largest position. Glynn Capital Management LLC’s holdings in ServiceNow were worth $12,383,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of NOW. Carmignac Gestion raised its position in shares of ServiceNow by 9.3% in the second quarter. Carmignac Gestion now owns 4,773,861 shares of the company’s stock valued at $316,984,000 after buying an additional 407,846 shares during the last quarter. Capital Fund Management S.A. acquired a new position in shares of ServiceNow during the second quarter valued at about $3,012,000. Candriam Luxembourg S.C.A. acquired a new position in shares of ServiceNow during the second quarter valued at about $418,000. Strs Ohio raised its position in shares of ServiceNow by 51.0% in the second quarter. Strs Ohio now owns 589,514 shares of the company’s stock valued at $39,143,000 after buying an additional 199,190 shares during the last quarter. Finally, RS Investment Management Co. LLC acquired a new position in shares of ServiceNow during the second quarter valued at about $1,080,000. Institutional investors own 95.70% of the company’s stock.
Shares of ServiceNow Inc. (NYSE:NOW) traded down 1.30% during midday trading on Monday, reaching $74.64. 1,033,151 shares of the company traded hands. The stock has a 50 day moving average price of $76.55 and a 200 day moving average price of $72.09. ServiceNow Inc. has a 1-year low of $46.00 and a 1-year high of $91.28. The firm’s market capitalization is $12.28 billion.
ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 27th. The company reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.05. The firm had revenue of $341.30 million for the quarter, compared to analyst estimates of $334.07 million. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. ServiceNow’s revenue for the quarter was up 38.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 earnings per share. Analysts expect that ServiceNow Inc. will post $0.66 earnings per share for the current fiscal year.
Several research analysts recently issued reports on the stock. OTR Global lowered shares of ServiceNow to a “positive” rating in a research note on Wednesday, October 12th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $90.00 price target on shares of ServiceNow in a research note on Thursday, July 28th. BMO Capital Markets assumed coverage on shares of ServiceNow in a research note on Monday, September 19th. They issued a “market perform” rating and a $85.00 price target for the company. Cowen and Company assumed coverage on shares of ServiceNow in a research note on Friday, June 24th. They issued an “outperform” rating and a $95.00 price target for the company. Finally, Zacks Investment Research lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $84.47.
In other ServiceNow news, COO Daniel Mcgee sold 14,191 shares of the company’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $80.00, for a total value of $1,135,280.00. Following the sale, the chief operating officer now owns 5,321 shares in the company, valued at approximately $425,680. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Frederic B. Luddy sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $71.20, for a total value of $10,680,000.00. Following the completion of the sale, the insider now owns 155,249 shares in the company, valued at approximately $11,053,728.80. The disclosure for this sale can be found here. 5.90% of the stock is owned by corporate insiders.
ServiceNow Company Profile
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.