Morangie Management LLC Acquires New Shares in ServiceNow, Inc. $NOW

Morangie Management LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,515 shares of the information technology services provider’s stock, valued at approximately $1,558,000. ServiceNow makes up approximately 1.4% of Morangie Management LLC’s investment portfolio, making the stock its 17th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after buying an additional 30 shares during the last quarter. Centaurus Financial Inc. grew its position in ServiceNow by 83.0% in the fourth quarter. Centaurus Financial Inc. now owns 1,568 shares of the information technology services provider’s stock worth $1,662,000 after acquiring an additional 711 shares in the last quarter. NorthCrest Asset Manangement LLC increased its stake in shares of ServiceNow by 28.1% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 1,383 shares of the information technology services provider’s stock worth $1,467,000 after purchasing an additional 303 shares during the last quarter. Mascagni Wealth Management Inc. bought a new position in shares of ServiceNow during the 4th quarter valued at $81,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of ServiceNow by 53.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17,681 shares of the information technology services provider’s stock valued at $14,077,000 after purchasing an additional 6,164 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider owned 3,027 shares of the company’s stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent research reports. Citigroup upped their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Bank of America raised their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a report on Thursday, July 24th. FBN Securities upgraded ServiceNow to a “strong-buy” rating in a report on Wednesday, June 11th. Finally, Wall Street Zen lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Stock Down 1.5%

Shares of NOW opened at $919.44 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50-day simple moving average of $920.28 and a 200-day simple moving average of $925.55. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The firm has a market capitalization of $191.24 billion, a P/E ratio of 115.80, a P/E/G ratio of 4.20 and a beta of 0.91.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 EPS. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.