Convergence Investment Partners LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Convergence Investment Partners LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 256 shares of the information technology services provider’s stock, valued at approximately $201,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in ServiceNow during the fourth quarter worth about $1,648,259,000. Swedbank AB purchased a new stake in ServiceNow during the first quarter worth about $897,908,000. Global Assets Advisory LLC purchased a new stake in ServiceNow during the first quarter worth about $403,034,000. Vanguard Group Inc. boosted its position in ServiceNow by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after purchasing an additional 331,797 shares during the period. Finally, AustralianSuper Pty Ltd bought a new position in ServiceNow during the second quarter worth about $218,786,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 2.3 %

NOW stock opened at $835.60 on Wednesday. The company has a market capitalization of $171.30 billion, a PE ratio of 89.37, a price-to-earnings-growth ratio of 5.13 and a beta of 0.99. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $863.85. The company’s 50 day moving average price is $795.73 and its two-hundred day moving average price is $761.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12.

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

Insiders Place Their Bets

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction that occurred on Monday, August 26th. The shares were 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 of the company’s stock, valued at $3,027,502.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the transaction, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow 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 completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NOW. JMP Securities increased their target price on shares of ServiceNow from $825.00 to $850.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 25th. KeyCorp cut their target price on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $835.00 target price on shares of ServiceNow in a research report on Tuesday, July 23rd. Piper Sandler increased their target price on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, William Blair reiterated an “outperform” rating on shares of ServiceNow in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $849.62.

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.