Picton Mahoney Asset Management Takes Position in ServiceNow Inc (NYSE:NOW)

Picton Mahoney Asset Management bought a new stake in ServiceNow Inc (NYSE:NOW) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,900 shares of the information technology services provider’s stock, valued at approximately $796,000.

Several other hedge funds also recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new stake in shares of ServiceNow in the second quarter valued at about $1,593,000. Jennison Associates LLC grew its stake in shares of ServiceNow by 47.8% in the second quarter. Jennison Associates LLC now owns 4,489,468 shares of the information technology services provider’s stock valued at $1,232,673,000 after buying an additional 1,452,900 shares in the last quarter. Western Wealth Management LLC acquired a new stake in shares of ServiceNow in the second quarter valued at about $239,000. Associated Banc Corp grew its stake in shares of ServiceNow by 0.3% in the second quarter. Associated Banc Corp now owns 56,107 shares of the information technology services provider’s stock valued at $15,405,000 after buying an additional 166 shares in the last quarter. Finally, Insight Wealth Strategies LLC grew its stake in shares of ServiceNow by 29.1% in the second quarter. Insight Wealth Strategies LLC now owns 3,524 shares of the information technology services provider’s stock valued at $968,000 after buying an additional 795 shares in the last quarter. Institutional investors and hedge funds own 92.80% of the company’s stock.

A number of brokerages have weighed in on NOW. Stifel Nicolaus upgraded ServiceNow from a “hold” rating to a “buy” rating and raised their price objective for the company from $290.00 to $320.00 in a research note on Wednesday. Deutsche Bank raised their price objective on ServiceNow from $285.00 to $305.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Zacks Investment Research upgraded ServiceNow from a “hold” rating to a “buy” rating and set a $299.00 price objective for the company in a research note on Tuesday, April 30th. Canaccord Genuity raised their price objective on ServiceNow from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, ValuEngine lowered ServiceNow from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 3rd. Three analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $291.66.

In related news, insider David Schneider sold 3,559 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $269.08, for a total value of $957,655.72. Following the sale, the insider now owns 47,765 shares of the company’s stock, valued at approximately $12,852,606.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Fay Sien Goon sold 408 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $258.36, for a total value of $105,410.88. Following the completion of the sale, the insider now directly owns 41,777 shares in the company, valued at approximately $10,793,505.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,767 shares of company stock valued at $32,107,343. Insiders own 1.00% of the company’s stock.

Shares of NOW traded down $1.57 during mid-day trading on Friday, hitting $263.07. The stock had a trading volume of 2,478,075 shares, compared to its average volume of 1,839,143. The company has a market cap of $49.62 billion, a PE ratio of 1,315.35, a PEG ratio of 22.68 and a beta of 1.30. The company’s fifty day simple moving average is $278.78 and its two-hundred day simple moving average is $260.31. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.54. ServiceNow Inc has a fifty-two week low of $147.63 and a fifty-two week high of $303.17.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 24th. The information technology services provider reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company had revenue of $833.90 million during the quarter, compared to analyst estimates of $831.50 million. ServiceNow had a return on equity of 4.29% and a net margin of 0.09%. The business’s revenue was up 32.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.49 EPS. Equities analysts expect that ServiceNow Inc will post 0.43 earnings per share for the current year.

ServiceNow Profile

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.

Further Reading: Leveraged Buyout (LBO) Explained

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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