Miura Global Management LLC Invests $36.97 Million in ServiceNow Inc (NYSE:NOW) Stock

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Miura Global Management LLC bought a new position in shares of ServiceNow Inc (NYSE:NOW) during the 1st quarter, Holdings Channel reports. The fund bought 150,000 shares of the information technology services provider’s stock, valued at approximately $36,974,000. ServiceNow accounts for 6.3% of Miura Global Management LLC’s holdings, making the stock its 6th largest holding.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jennison Associates LLC increased its stake in shares of ServiceNow by 26.2% during the first quarter. Jennison Associates LLC now owns 3,036,568 shares of the information technology services provider’s stock valued at $748,484,000 after acquiring an additional 630,491 shares during the period. Coatue Management LLC increased its stake in shares of ServiceNow by 38.6% during the fourth quarter. Coatue Management LLC now owns 2,129,852 shares of the information technology services provider’s stock valued at $379,220,000 after acquiring an additional 592,759 shares during the period. American Century Companies Inc. increased its stake in shares of ServiceNow by 14.6% during the fourth quarter. American Century Companies Inc. now owns 1,772,188 shares of the information technology services provider’s stock valued at $315,538,000 after acquiring an additional 226,028 shares during the period. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $297,403,000. Finally, Geode Capital Management LLC increased its stake in shares of ServiceNow by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 1,536,350 shares of the information technology services provider’s stock valued at $273,336,000 after acquiring an additional 55,767 shares during the period. Institutional investors own 93.08% of the company’s stock.

Several research analysts have issued reports on NOW shares. Needham & Company LLC lifted their price target on shares of ServiceNow to $267.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Jefferies Financial Group lifted their price target on shares of ServiceNow from $242.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Canaccord Genuity lifted their price target on shares of ServiceNow from $240.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Piper Jaffray Companies lifted their price target on shares of ServiceNow from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Finally, Argus lifted their price target on shares of ServiceNow from $260.00 to $304.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. ServiceNow presently has a consensus rating of “Buy” and a consensus price target of $270.68.

In other ServiceNow news, insider Patricia L. Wadors sold 1,559 shares of ServiceNow stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $263.61, for a total transaction of $410,967.99. Following the completion of the sale, the insider now owns 3,093 shares of the company’s stock, valued at approximately $815,345.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David Schneider sold 3,414 shares of ServiceNow stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $243.00, for a total transaction of $829,602.00. Following the sale, the insider now directly owns 50,932 shares of the company’s stock, valued at approximately $12,376,476. The disclosure for this sale can be found here. Insiders have sold a total of 115,685 shares of company stock valued at $30,437,964 in the last three months. Company insiders own 1.00% of the company’s stock.

ServiceNow stock traded down $1.06 during midday trading on Friday, reaching $272.73. The stock had a trading volume of 16,234 shares, compared to its average volume of 1,522,487. ServiceNow Inc has a twelve month low of $147.63 and a twelve month 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 $51.11 billion, a price-to-earnings ratio of 1,365.60, a P/E/G ratio of 19.76 and a beta of 1.41.

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

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ServiceNow Company Profile

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.

Further Reading: What is meant by holder of record?

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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