Lodestar Private Asset Management LLC Invests $206,000 in ServiceNow, Inc. $NOW

Lodestar Private Asset Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 200 shares of the information technology services provider’s stock, valued at approximately $206,000.

A number of other institutional investors have also modified their holdings of NOW. Nuveen LLC purchased a new position in shares of ServiceNow during the first quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after acquiring an additional 877,875 shares during the period. Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% during the first 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 buying an additional 840,731 shares during the period. Parnassus Investments LLC purchased a new position in ServiceNow during the first quarter valued at approximately $519,806,000. Finally, Amundi increased its holdings in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after buying an additional 626,623 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was 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, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company’s stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 over the last quarter. Insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $888.63 on Monday. The company has a market cap of $184.84 billion, a price-to-earnings ratio of 111.92, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $909.21 and a two-hundred day moving average of $932.99.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow’s revenue was up 22.4% compared to the same quarter last year. During the same period last year, the firm earned $3.13 earnings per share. As a group, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

NOW has been the topic of several research reports. Raymond James Financial lifted their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Erste Group Bank reissued a “hold” rating on shares of ServiceNow in a report on Wednesday, July 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a report on Wednesday, October 8th. BMO Capital Markets lifted their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Finally, Wall Street Zen lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,122.20.

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.