Malaga Cove Capital LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 618.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 7,540 shares of the information technology services provider’s stock after acquiring an additional 6,491 shares during the period. Malaga Cove Capital LLC’s holdings in ServiceNow were worth $1,155,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in ServiceNow by 404.5% in the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after purchasing an additional 81,752,460 shares in the last quarter. Fisher Asset Management LLC raised its position in ServiceNow by 404.3% in the 4th quarter. Fisher Asset Management LLC now owns 8,351,824 shares of the information technology services provider’s stock valued at $1,279,416,000 after purchasing an additional 6,695,802 shares in the last quarter. Jennison Associates LLC raised its position in ServiceNow by 280.1% in the 4th quarter. Jennison Associates LLC now owns 8,432,389 shares of the information technology services provider’s stock valued at $1,291,758,000 after purchasing an additional 6,213,762 shares in the last quarter. Legal & General Group Plc raised its position in ServiceNow by 406.8% in the 4th quarter. Legal & General Group Plc now owns 6,895,985 shares of the information technology services provider’s stock valued at $1,056,396,000 after purchasing an additional 5,535,170 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in ServiceNow by 388.7% in the 4th quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider’s stock valued at $720,325,000 after purchasing an additional 3,743,087 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the company. Raymond James Financial reduced their price target on ServiceNow from $160.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. Evercore increased their price target on ServiceNow from $140.00 to $150.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. BMO Capital Markets reduced their price target on ServiceNow from $120.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. Canaccord Genuity Group reduced their price target on ServiceNow from $200.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Finally, Macquarie Infrastructure reduced their price target on ServiceNow from $172.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, January 29th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $141.85.
ServiceNow Trading Down 2.1%
NOW opened at $99.99 on Wednesday. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $211.48. The company has a market cap of $103.09 billion, a P/E ratio of 59.59, a PEG ratio of 1.85 and a beta of 0.82. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The business’s 50-day simple moving average is $98.26 and its 200-day simple moving average is $124.67.
ServiceNow (NYSE:NOW – Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the prior year, the business posted $0.81 EPS. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. As a group, equities research analysts expect that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.
Insider Transactions at ServiceNow
In related news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the transaction, the director owned 44,930 shares in the company, valued at $3,919,243.90. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at $1,189,212.72. This represents a 7.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is owned by corporate insiders.
About ServiceNow
ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.
The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.
Read More
- Five stocks we like better than ServiceNow
- Banks Are Buying Back Stock Hand Over Fist, Including These 3 Names
- 2 Aluminum Stocks Poised for Big Tariff-Related Gains
- AutoZone’s Pullback Sets Up a Long-Term Buying Opportunity
- AST SpaceMobile’s June Launch Plan Puts Its 2026 Satellite Goal Back in Focus
Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW – Free Report).
Receive News & Ratings for ServiceNow Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ServiceNow and related companies with MarketBeat.com's FREE daily email newsletter.
