ServiceNow Inc (NOW) is White Elm Capital LLC’s 6th Largest Position

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White Elm Capital LLC cut its holdings in ServiceNow Inc (NYSE:NOW) by 8.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 126,700 shares of the information technology services provider’s stock after selling 12,300 shares during the quarter. ServiceNow makes up approximately 5.2% of White Elm Capital LLC’s investment portfolio, making the stock its 6th biggest position. White Elm Capital LLC’s holdings in ServiceNow were worth $21,852,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. OppenheimerFunds Inc. grew its position in ServiceNow by 401.7% during the 1st quarter. OppenheimerFunds Inc. now owns 1,439,564 shares of the information technology services provider’s stock valued at $238,176,000 after purchasing an additional 1,152,623 shares during the last quarter. Millennium Management LLC grew its position in ServiceNow by 355.8% during the 1st quarter. Millennium Management LLC now owns 696,135 shares of the information technology services provider’s stock valued at $115,176,000 after purchasing an additional 543,392 shares during the last quarter. Janus Henderson Group PLC grew its position in ServiceNow by 44.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,652,619 shares of the information technology services provider’s stock valued at $285,058,000 after purchasing an additional 507,435 shares during the last quarter. Lord Abbett & CO. LLC grew its position in ServiceNow by 420.9% during the 1st quarter. Lord Abbett & CO. LLC now owns 452,994 shares of the information technology services provider’s stock valued at $74,948,000 after purchasing an additional 366,023 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in ServiceNow by 49.5% during the 2nd quarter. Bessemer Group Inc. now owns 827,954 shares of the information technology services provider’s stock valued at $142,796,000 after purchasing an additional 274,242 shares during the last quarter. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO Michael Scarpelli sold 30,037 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 68,748 shares in the company, valued at approximately $12,573,321.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 420 shares of the stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $178.46, for a total transaction of $74,953.20. Following the completion of the transaction, the director now owns 12,284 shares in the company, valued at approximately $2,192,202.64. The disclosure for this sale can be found here. Insiders sold a total of 193,949 shares of company stock worth $35,864,885 in the last quarter. Company insiders own 1.60% of the company’s stock.

Shares of NYSE:NOW traded down $0.65 during trading on Thursday, hitting $190.11. The company’s stock had a trading volume of 5,447 shares, compared to its average volume of 1,411,721. ServiceNow Inc has a 12 month low of $110.17 and a 12 month high of $201.00. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $34.94 billion, a PE ratio of -181.78, a price-to-earnings-growth ratio of 46.62 and a beta of 1.25.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 25th. The information technology services provider reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.06. ServiceNow had a negative net margin of 4.16% and a negative return on equity of 7.48%. The firm had revenue of $631.05 million for the quarter, compared to analysts’ expectations of $616.68 million. During the same quarter in the prior year, the business earned $0.22 EPS. The business’s quarterly revenue was up 40.8% on a year-over-year basis. analysts expect that ServiceNow Inc will post 0.16 earnings per share for the current fiscal year.

NOW has been the topic of several recent analyst reports. Deutsche Bank increased their price objective on shares of ServiceNow to $200.00 and gave the company a “buy” rating in a research report on Thursday, May 31st. Deutsche Bank increased their price objective on shares of ServiceNow from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, May 31st. Barclays restated a “buy” rating and set a $198.00 target price on shares of ServiceNow in a research note on Friday, July 27th. Zacks Investment Research cut shares of ServiceNow from a “hold” rating to a “strong sell” rating in a research note on Monday, July 30th. Finally, Northland Securities restated a “buy” rating and set a $200.00 target price on shares of ServiceNow in a research note on Thursday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $196.12.

ServiceNow Company Profile

ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. It offers customer and facilities service management, orchestration core, service mapping, cloud and portfolio management, edge encryption, performance analytics, service portal designer, visual task boards, and configuration management database.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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