ServiceNow, Inc. $NOW Shares Purchased by Raleigh Capital Management Inc.

Raleigh Capital Management Inc. increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 853.2% during the 4th quarter, Holdings Channel reports. The fund owned 6,329 shares of the information technology services provider’s stock after purchasing an additional 5,665 shares during the quarter. Raleigh Capital Management Inc.’s holdings in ServiceNow were worth $969,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Nordea Investment Management AB boosted its position in ServiceNow by 388.7% during the fourth quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider’s stock worth $720,325,000 after purchasing an additional 3,743,087 shares in the last quarter. SG Americas Securities LLC boosted its position in ServiceNow by 11,128.7% during the fourth quarter. SG Americas Securities LLC now owns 1,805,467 shares of the information technology services provider’s stock worth $276,579,000 after purchasing an additional 1,789,388 shares in the last quarter. Aberdeen Group plc boosted its position in ServiceNow by 405.0% during the fourth quarter. Aberdeen Group plc now owns 1,448,931 shares of the information technology services provider’s stock worth $221,962,000 after purchasing an additional 1,162,005 shares in the last quarter. Sarasin & Partners LLP boosted its position in ServiceNow by 386.2% during the fourth quarter. Sarasin & Partners LLP now owns 1,233,408 shares of the information technology services provider’s stock worth $188,946,000 after purchasing an additional 979,740 shares in the last quarter. Finally, Congress Asset Management Co. boosted its position in ServiceNow by 385.4% during the fourth quarter. Congress Asset Management Co. now owns 847,477 shares of the information technology services provider’s stock worth $129,825,000 after purchasing an additional 672,898 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In related news, insider Paul Fipps sold 3,696 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $101.77, for a total value of $376,141.92. Following the completion of the sale, the insider owned 8,061 shares of the company’s stock, valued at approximately $820,367.97. This trade represents a 31.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kevin Thomas Mcbride sold 1,400 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $105.71, for a total value of $147,994.00. Following the completion of the sale, the insider directly owned 26,314 shares of the company’s stock, valued at approximately $2,781,652.94. This represents a 5.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 16,237 shares of company stock valued at $1,697,162. 0.34% of the stock is currently owned by insiders.

ServiceNow Stock Performance

NYSE NOW opened at $102.46 on Tuesday. The company has a market cap of $107.17 billion, a PE ratio of 61.43, a price-to-earnings-growth ratio of 1.71 and a beta of 1.01. The stock’s 50 day simple moving average is $109.76 and its 200-day simple moving average is $146.19. ServiceNow, Inc. has a 1-year low of $98.00 and a 1-year high of $211.48. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.03. The business had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.53 billion. ServiceNow had a return on equity of 18.54% and a net margin of 13.16%.The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 earnings per share. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NOW shares. Citigroup increased their price target on ServiceNow from $235.00 to $237.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. DA Davidson reiterated a “buy” rating and set a $220.00 price target on shares of ServiceNow in a research report on Thursday, January 29th. Benchmark started coverage on ServiceNow in a research report on Wednesday, April 1st. They set a “buy” rating and a $125.00 price target on the stock. Jefferies Financial Group lowered their price target on ServiceNow from $230.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Finally, Arete Research set a $200.00 price target on ServiceNow in a research report on Tuesday, January 6th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $188.59.

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.