AQR Capital Management LLC Grows Stake in ServiceNow, Inc. (NYSE:NOW)

AQR Capital Management LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 9.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 156,227 shares of the information technology services provider’s stock after purchasing an additional 13,367 shares during the period. AQR Capital Management LLC’s holdings in ServiceNow were worth $121,369,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creekmur Asset Management LLC bought a new position in shares of ServiceNow during the 1st quarter valued at approximately $25,000. Versant Capital Management Inc boosted its stake in ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares during the period. University of Texas Texas AM Investment Managment Co. bought a new position in ServiceNow during the fourth quarter valued at $29,000. EntryPoint Capital LLC raised its stake in shares of ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares during the period. Finally, Ridgewood Investments LLC purchased a new stake in shares of ServiceNow in the second quarter valued at $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,914 shares of company stock worth $5,608,936. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 0.6 %

Shares of NYSE NOW opened at $884.86 on Friday. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $945.46. The stock’s fifty day simple moving average is $832.05 and its two-hundred day simple moving average is $774.75. The stock has a market capitalization of $181.40 billion, a PE ratio of 94.64, a price-to-earnings-growth ratio of 5.55 and a beta of 0.98. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 earnings per share. As a group, analysts expect that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Wells Fargo & Company upped their target price on ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Robert W. Baird raised their price target on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. KeyCorp dropped their price objective on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Finally, Guggenheim reiterated a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a research note on Monday, July 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $855.44.

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.