QCI Asset Management Inc. NY Acquires 703 Shares of ServiceNow Inc (NOW)

QCI Asset Management Inc. NY raised its holdings in shares of ServiceNow Inc (NYSE:NOW) by 1.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,412 shares of the information technology services provider’s stock after acquiring an additional 703 shares during the period. QCI Asset Management Inc. NY’s holdings in ServiceNow were worth $14,166,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Peregrine Capital Management LLC grew its position in ServiceNow by 0.3% during the second quarter. Peregrine Capital Management LLC now owns 97,301 shares of the information technology services provider’s stock valued at $16,782,000 after acquiring an additional 284 shares during the last quarter. Macguire Cheswick & Tuttle Investment Counsel LLC grew its position in ServiceNow by 4.8% during the second quarter. Macguire Cheswick & Tuttle Investment Counsel LLC now owns 6,505 shares of the information technology services provider’s stock valued at $1,122,000 after acquiring an additional 300 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in ServiceNow by 33.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,228 shares of the information technology services provider’s stock valued at $212,000 after acquiring an additional 305 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of ServiceNow by 1.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 32,040 shares of the information technology services provider’s stock worth $6,268,000 after purchasing an additional 320 shares during the last quarter. Finally, Raymond James Trust N.A. grew its holdings in shares of ServiceNow by 6.7% in the third quarter. Raymond James Trust N.A. now owns 5,263 shares of the information technology services provider’s stock worth $1,030,000 after purchasing an additional 331 shares during the last quarter. Institutional investors and hedge funds own 95.25% of the company’s stock.

NOW has been the topic of several recent analyst reports. Barclays raised their target price on shares of ServiceNow from $198.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, September 7th. Argus raised their target price on shares of ServiceNow to $215.00 and gave the stock a “buy” rating in a report on Wednesday, August 15th. They noted that the move was a valuation call. KeyCorp raised their target price on shares of ServiceNow from $194.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Canaccord Genuity raised their target price on shares of ServiceNow from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. Finally, Macquarie set a $210.00 target price on shares of ServiceNow and gave the stock a “buy” rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. ServiceNow presently has an average rating of “Buy” and a consensus target price of $203.44.

In related news, CFO Michael Scarpelli sold 30,037 shares of ServiceNow stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $182.89, for a total value of $5,493,466.93. Following the sale, the chief financial officer now owns 68,748 shares in the company, valued at $12,573,321.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO David Schneider sold 10,252 shares of ServiceNow stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $181.76, for a total transaction of $1,863,403.52. Following the completion of the sale, the executive now owns 44,376 shares in the company, valued at approximately $8,065,781.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 150,844 shares of company stock worth $27,759,604. 1.60% of the stock is currently owned by company insiders.

NYSE:NOW opened at $177.59 on Friday. The firm has a market capitalization of $33.96 billion, a P/E ratio of -169.13, a P/E/G ratio of 35.40 and a beta of 1.25. ServiceNow Inc has a twelve month low of $112.84 and a twelve month high of $206.29. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.72.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 24th. The information technology services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.61. The business had revenue of $673.10 million for the quarter, compared to analysts’ expectations of $659.41 million. ServiceNow had a negative net margin of 2.52% and a negative return on equity of 3.15%. As a group, analysts predict that ServiceNow Inc will post 0.16 earnings per share for the current fiscal year.

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ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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