Investors Research Corp Purchases 6,809 Shares of ServiceNow, Inc. $NOW

Investors Research Corp boosted its position in ServiceNow, Inc. (NYSE:NOW) by 787.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,674 shares of the information technology services provider’s stock after purchasing an additional 6,809 shares during the quarter. Investors Research Corp’s holdings in ServiceNow were worth $762,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in NOW. Vanguard Group Inc. boosted its position in shares of ServiceNow by 404.5% in the fourth 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 acquiring an additional 81,752,460 shares during the period. State Street Corp grew its stake in shares of ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after acquiring an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in ServiceNow by 371.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after acquiring an additional 25,517,218 shares during the period. Geode Capital Management LLC increased its position in ServiceNow by 404.8% during the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after acquiring an additional 18,854,775 shares during the period. Finally, Morgan Stanley raised its stake in ServiceNow by 335.6% in the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after purchasing an additional 17,514,679 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Guggenheim upgraded shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday, July 1st. Benchmark reiterated a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. Cantor Fitzgerald boosted their price target on ServiceNow from $122.00 to $141.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. UBS Group set a $248.00 price target on ServiceNow in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company lowered their price objective on ServiceNow from $185.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $143.39.

Insider Buying and Selling at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director directly owned 30,090 shares in the company, valued at $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 18,993 shares of company stock worth $1,716,436 over the last 90 days. Insiders own 0.34% of the company’s stock.

ServiceNow Trading Up 0.1%

Shares of NOW stock opened at $127.51 on Wednesday. The stock’s fifty day moving average price is $106.56 and its two-hundred day moving average price is $105.74. The company has a market cap of $131.85 billion, a PE ratio of 79.69, a P/E/G ratio of 2.24 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $194.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. ServiceNow’s revenue was up 24.0% on a year-over-year basis. Equities analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

ServiceNow Company Profile

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.