Oppenheimer Asset Management Inc. Makes New Investment in ServiceNow, Inc. $NOW

Oppenheimer Asset Management Inc. purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 287,435 shares of the information technology services provider’s stock, valued at approximately $28,537,000.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in 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 worth $15,619,771,000 after purchasing an additional 81,752,460 shares during the period. State Street Corp increased its stake in ServiceNow by 406.6% during the 4th 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 buying an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after buying an additional 25,517,218 shares during the period. Geode Capital Management LLC raised its position in shares of ServiceNow by 404.8% during the 4th 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 buying an additional 18,854,775 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of ServiceNow by 335.6% during 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 buying an additional 17,514,679 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NOW. FBN Securities reduced their price target on shares of ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Mizuho lowered their price objective on shares of ServiceNow from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Thursday, April 23rd. Guggenheim raised ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Wednesday, July 1st. BMO Capital Markets upped their target price on ServiceNow from $115.00 to $118.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings lowered ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $143.76.

ServiceNow Stock Performance

NYSE:NOW opened at $124.08 on Friday. The company has a 50-day moving average of $107.08 and a 200-day moving average of $105.80. The firm has a market cap of $128.29 billion, a price-to-earnings ratio of 77.55, a price-to-earnings-growth ratio of 2.24 and a beta of 0.94. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $194.73.

ServiceNow (NYSE:NOW) last released its 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 net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 24.0% on a year-over-year basis. Analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.34% of the company’s stock.

ServiceNow 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.