Farallon Capital Management LLC Acquires 58,962 Shares of ServiceNow, Inc. (NYSE:NOW)

Farallon Capital Management LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 14.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 454,050 shares of the information technology services provider’s stock after acquiring an additional 58,962 shares during the quarter. ServiceNow accounts for 1.7% of Farallon Capital Management LLC’s portfolio, making the stock its 16th largest holding. Farallon Capital Management LLC owned approximately 0.22% of ServiceNow worth $357,188,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Creekmur Asset Management LLC acquired a new position in shares of ServiceNow in the first quarter valued at $25,000. Versant Capital Management Inc raised its stake 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 in the last quarter. University of Texas Texas AM Investment Managment Co. acquired a new position in shares of ServiceNow in the fourth quarter valued at $29,000. EntryPoint Capital LLC raised its stake 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 in the last quarter. Finally, Ridgewood Investments LLC acquired a new position in shares of ServiceNow in the second quarter valued at $32,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

ServiceNow stock opened at $925.55 on Tuesday. The business’s 50-day simple moving average is $825.72 and its 200 day simple moving average is $772.77. The stock has a market cap of $189.74 billion, a price-to-earnings ratio of 98.99, a P/E/G ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $945.46. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.28. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.77 earnings per share. As a group, research analysts anticipate that ServiceNow, Inc. will post 6.78 earnings per share for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares in the company, valued at $3,027,502.32. The sale was disclosed in a document filed with the SEC, which is available through this link. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,027,502.32. The disclosure for this sale can be found here. Insiders have sold a total of 6,914 shares of company stock worth $5,608,936 over the last 90 days. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on NOW shares. KeyCorp cut their target price on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Wells Fargo & Company increased their price objective on ServiceNow from $920.00 to $935.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Truist Financial increased their price objective on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a research note on Tuesday, July 23rd. Finally, Robert W. Baird increased their price objective on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $855.44.

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.