State Street Corp increased its stake in ServiceNow Inc. (NYSE:NOW) by 3.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,817,471 shares of the company’s stock after buying an additional 106,720 shares during the period. State Street Corp owned about 1.75% of ServiceNow worth $172,380,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Parametrica Management Ltd bought a new position in shares of ServiceNow during the first quarter valued at about $201,000. Atalanta Sosnoff Capital LLC bought a new position in shares of ServiceNow during the first quarter valued at about $378,000. Fox Run Management L.L.C. bought a new position in shares of ServiceNow during the first quarter valued at about $526,000. BB&T Securities LLC bought a new position in shares of ServiceNow during the first quarter valued at about $550,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of ServiceNow by 127.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,924 shares of the company’s stock valued at $668,000 after buying an additional 6,130 shares in the last quarter.
Shares of ServiceNow Inc. (NYSE:NOW) traded up 2.34% during midday trading on Tuesday, hitting $70.46. 1,857,852 shares of the company were exchanged. The stock’s 50-day moving average is $70.97 and its 200-day moving average is $67.10. ServiceNow Inc. has a one year low of $46.00 and a one year high of $91.28. The stock’s market cap is $11.47 billion.
ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 20th. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.02. During the same quarter in the previous year, the firm posted $0.02 earnings per share. The firm had revenue of $305.90 million for the quarter, compared to analyst estimates of $300.87 million. ServiceNow’s quarterly revenue was up 44.3% on a year-over-year basis. Equities research analysts anticipate that ServiceNow Inc. will post $0.63 EPS for the current year.
Several analysts have commented on the stock. Credit Suisse Group AG reaffirmed a “hold” rating on shares of ServiceNow in a research note on Saturday, April 23rd. Pacific Crest reaffirmed a “buy” rating on shares of ServiceNow in a research note on Sunday, May 22nd. Macquarie assumed coverage on shares of ServiceNow in a research note on Tuesday, April 26th. They issued an “outperform” rating and a $81.00 target price for the company. Deutsche Bank AG reaffirmed a “buy” rating on shares of ServiceNow in a research note on Wednesday, May 18th. Finally, MKM Partners reaffirmed a “hold” rating and issued a $60.00 target price on shares of ServiceNow in a research note on Tuesday, May 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $81.83.
In other ServiceNow news, CRO David Schneider sold 13,500 shares of the company’s stock in a transaction on Wednesday, April 13th. The shares were sold at an average price of $62.81, for a total value of $847,935.00. Following the transaction, the executive now directly owns 43,896 shares in the company, valued at $2,757,107.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Frederic B. Luddy sold 150,000 shares of the company’s stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $62.92, for a total transaction of $9,438,000.00. Following the completion of the transaction, the insider now owns 269,994 shares in the company, valued at $16,988,022.48. The disclosure for this sale can be found here.
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.