Sandy Spring Bank Boosts Holdings in ServiceNow Inc (NOW)
Sandy Spring Bank lifted its holdings in shares of ServiceNow Inc (NYSE:NOW) by 118.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 109 shares of the information technology services provider’s stock after acquiring an additional 59 shares during the period. Sandy Spring Bank’s holdings in ServiceNow were worth $27,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of NOW. Jennison Associates LLC grew its position in shares of ServiceNow by 282.1% during the 4th quarter. Jennison Associates LLC now owns 2,406,077 shares of the information technology services provider’s stock worth $428,402,000 after buying an additional 1,776,380 shares during the period. Norges Bank acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $297,403,000. Coatue Management LLC grew its position in shares of ServiceNow by 38.6% during the 4th quarter. Coatue Management LLC now owns 2,129,852 shares of the information technology services provider’s stock worth $379,220,000 after buying an additional 592,759 shares during the period. Sumitomo Mitsui Asset Management Company LTD grew its position in shares of ServiceNow by 5,281.3% during the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 575,481 shares of the information technology services provider’s stock worth $102,464,000 after buying an additional 564,787 shares during the period. Finally, Carillon Tower Advisers Inc. grew its position in shares of ServiceNow by 60.2% during the 1st quarter. Carillon Tower Advisers Inc. now owns 701,244 shares of the information technology services provider’s stock worth $172,849,000 after buying an additional 263,615 shares during the period. Institutional investors own 94.02% of the company’s stock.
Several brokerages have recently commented on NOW. Zacks Investment Research upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and set a $299.00 price target for the company in a research report on Tuesday, April 30th. Argus lifted their price target on shares of ServiceNow from $260.00 to $304.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Deutsche Bank lifted their price target on shares of ServiceNow from $285.00 to $305.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Royal Bank of Canada lifted their price target on shares of ServiceNow to $285.00 and gave the company a “top pick” rating in a research note on Tuesday, May 7th. Finally, Canaccord Genuity lifted their price target on shares of ServiceNow from $285.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company. ServiceNow presently has an average rating of “Buy” and an average target price of $268.24.
NYSE NOW opened at $277.96 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow Inc has a 12-month low of $147.63 and a 12-month high of $281.74. The company has a market capitalization of $50.82 billion, a PE ratio of 1,389.80, a price-to-earnings-growth ratio of 20.20 and a beta of 1.45.
ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $0.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.10. ServiceNow had a negative net margin of 1.38% and a positive return on equity of 1.64%. The company had revenue of $788.93 million for the quarter, compared to the consensus estimate of $768.09 million. During the same period last year, the company earned $0.56 earnings per share. The firm’s revenue was up 33.9% compared to the same quarter last year. On average, analysts predict that ServiceNow Inc will post 0.48 EPS for the current fiscal year.
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ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
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