CenterBook Partners LP Purchases New Holdings in ServiceNow, Inc. $NOW

CenterBook Partners LP purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 30,865 shares of the information technology services provider’s stock, valued at approximately $4,728,000.

Several other institutional investors have also recently added to or reduced their stakes in NOW. Norges Bank purchased a new position in shares of ServiceNow in the 4th quarter worth $2,020,992,000. Cohen Klingenstein LLC raised its position in shares of ServiceNow by 400.0% in the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock worth $1,532,000 after buying an additional 8,000 shares during the period. World Investment Advisors raised its position in shares of ServiceNow by 411.7% in the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock worth $7,218,000 after buying an additional 38,583 shares during the period. Moors & Cabot Inc. raised its position in shares of ServiceNow by 387.7% in the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after buying an additional 36,274 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of ServiceNow by 385.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock worth $398,202,000 after buying an additional 2,064,440 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 1.8%

NYSE:NOW opened at $114.43 on Tuesday. The business’s 50-day moving average is $99.69 and its two-hundred day moving average is $121.36. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48. The firm has a market capitalization of $117.98 billion, a PE ratio of 68.20, a price-to-earnings-growth ratio of 1.86 and a beta of 0.94.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the company posted $0.81 earnings per share. The firm’s revenue was up 22.1% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 2.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NOW shares. Wolfe Research set a $125.00 target price on ServiceNow in a research report on Thursday, April 23rd. KeyCorp set a $85.00 target price on ServiceNow and gave the stock an “underweight” rating in a research report on Thursday, April 23rd. Barclays reaffirmed an “overweight” rating and issued a $134.00 target price (up from $132.00) on shares of ServiceNow in a research report on Tuesday, May 5th. TD Cowen reissued a “buy” rating and issued a $140.00 price objective on shares of ServiceNow in a research report on Thursday, April 23rd. Finally, Wells Fargo & Company cut their price objective on ServiceNow from $185.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $141.85.

Insiders Place Their Bets

In other news, Director Anita M. Sands sold 16,445 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the completion of the sale, the director directly owned 30,090 shares in the company, valued at $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 8,927 shares of the firm’s stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the sale, the insider owned 29,531 shares of the company’s stock, valued at $2,645,977.60. This represents a 23.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,071 shares of company stock valued at $2,529,956 over the last ninety days. 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.