Daiwa Securities Group Inc. Acquires 220,295 Shares of ServiceNow, Inc. (NYSE:NOW)

Daiwa Securities Group Inc. increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 873.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 245,525 shares of the information technology services provider’s stock after purchasing an additional 220,295 shares during the period. ServiceNow makes up 1.0% of Daiwa Securities Group Inc.’s investment portfolio, making the stock its 27th biggest holding. Daiwa Securities Group Inc. owned 0.12% of ServiceNow worth $219,596,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Creekmur Asset Management LLC bought a new position in shares of ServiceNow in the 1st quarter valued at approximately $25,000. Versant Capital Management Inc raised its position in shares of ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 28 shares during the period. EntryPoint Capital LLC raised its position in shares of ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 39 shares during the period. Ridgewood Investments LLC bought a new stake in shares of ServiceNow during the 2nd quarter worth $32,000. Finally, DT Investment Partners LLC boosted its holdings in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Up 1.3 %

Shares of NYSE:NOW opened at $1,060.60 on Friday. The company’s fifty day moving average is $948.53 and its 200-day moving average is $835.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,064.59. The company has a market capitalization of $218.48 billion, a PE ratio of 164.95, a P/E/G ratio of 6.01 and a beta of 0.98.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the firm earned $1.21 earnings per share. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. Equities research analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research analyst reports. KeyCorp boosted their target price on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Robert W. Baird raised their target price on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. JMP Securities upped their price target on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a report on Thursday, October 17th. Finally, Jefferies Financial Group raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $986.39.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,644 shares of company stock valued at $19,381,744 in the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Company 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.