ServiceNow Inc (NOW) Position Raised by Boston Family Office LLC

Boston Family Office LLC boosted its stake in ServiceNow Inc (NYSE:NOW) by 21.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,853 shares of the information technology services provider’s stock after purchasing an additional 1,040 shares during the quarter. Boston Family Office LLC’s holdings in ServiceNow were worth $1,443,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Financial Gravity Wealth Inc. bought a new stake in shares of ServiceNow in the first quarter worth about $25,000. Sandy Spring Bank grew its holdings in shares of ServiceNow by 118.0% during the first quarter. Sandy Spring Bank now owns 109 shares of the information technology services provider’s stock worth $27,000 after buying an additional 59 shares in the last quarter. Spectrum Management Group Inc. bought a new position in shares of ServiceNow during the first quarter worth about $37,000. Knuff & Co LLC bought a new position in shares of ServiceNow during the first quarter worth about $37,000. Finally, We Are One Seven LLC bought a new position in shares of ServiceNow during the fourth quarter worth about $27,000.

Shares of NOW opened at $264.79 on Friday. ServiceNow Inc has a 52-week low of $147.63 and a 52-week high of $281.74. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $50.31 billion, a PE ratio of 1,323.95, a price-to-earnings-growth ratio of 20.00 and a beta of 1.45.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 24th. The information technology services provider reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.10. ServiceNow had a positive return on equity of 1.64% and a negative net margin of 1.38%. The company had revenue of $788.93 million for the quarter, compared to analyst estimates of $768.09 million. During the same quarter last year, the company posted $0.56 EPS. The company’s revenue for the quarter was up 33.9% compared to the same quarter last year. Equities research analysts expect that ServiceNow Inc will post 0.48 earnings per share for the current year.

In related news, CFO Michael Scarpelli sold 29,553 shares of the firm’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $237.88, for a total transaction of $7,030,067.64. Following the sale, the chief financial officer now owns 31,971 shares of the company’s stock, valued at approximately $7,605,261.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Chirantan Jitendra Desai sold 6,962 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $266.96, for a total value of $1,858,575.52. Following the sale, the insider now directly owns 29,578 shares in the company, valued at approximately $7,896,142.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,311 shares of company stock worth $37,006,504. Corporate insiders own 1.00% of the company’s stock.

A number of research firms recently issued reports on NOW. Piper Jaffray Companies increased their price objective on ServiceNow from $230.00 to $260.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Royal Bank of Canada increased their price objective on ServiceNow to $270.00 and gave the stock a “top pick” rating in a report on Thursday, April 25th. Barclays increased their price target on ServiceNow from $235.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. JMP Securities raised their price objective on ServiceNow from $225.00 to $280.00 and gave the company a “market outperform” rating in a research report on Thursday, April 25th. Finally, Credit Suisse Group raised their price objective on ServiceNow from $225.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $268.24.

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About ServiceNow

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.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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