Fairfield Bush & CO. Grows Stock Holdings in ServiceNow Inc (NYSE:NOW)
Fairfield Bush & CO. lifted its position in shares of ServiceNow Inc (NYSE:NOW) by 13.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,300 shares of the information technology services provider’s stock after purchasing an additional 275 shares during the period. Fairfield Bush & CO.’s holdings in ServiceNow were worth $659,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Polen Capital Management LLC bought a new position in shares of ServiceNow during the fourth quarter worth about $547,821,000. Norges Bank purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $534,605,000. Capital International Investors boosted its position in ServiceNow by 49.8% in the fourth quarter. Capital International Investors now owns 4,806,420 shares of the information technology services provider’s stock worth $1,356,949,000 after purchasing an additional 1,598,859 shares during the last quarter. Jackson Square Partners LLC purchased a new position in ServiceNow in the fourth quarter worth $316,702,000. Finally, Geode Capital Management LLC boosted its position in ServiceNow by 59.2% in the fourth quarter. Geode Capital Management LLC now owns 2,557,870 shares of the information technology services provider’s stock worth $720,446,000 after purchasing an additional 951,447 shares during the last quarter. 92.30% of the stock is owned by institutional investors and hedge funds.
In other ServiceNow news, insider David Schneider sold 3,738 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $365.45, for a total value of $1,366,052.10. Following the sale, the insider now directly owns 37,903 shares of the company’s stock, valued at $13,851,651.35. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Chirantan Jitendra Desai sold 1,562 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $384.13, for a total transaction of $600,011.06. Following the completion of the sale, the insider now directly owns 23,805 shares in the company, valued at $9,144,214.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 345,600 shares of company stock worth $115,907,711. 0.72% of the stock is owned by insiders.
ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 29th. The information technology services provider reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.10. ServiceNow had a return on equity of 9.47% and a net margin of 18.19%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the prior year, the firm posted $0.67 earnings per share. The business’s quarterly revenue was up 32.6% on a year-over-year basis. Equities analysts anticipate that ServiceNow Inc will post 1.01 EPS for the current year.
NOW has been the topic of several research reports. Deutsche Bank lowered ServiceNow from a “buy” rating to a “hold” rating and set a $300.00 target price on the stock. in a research note on Wednesday, March 18th. Robert W. Baird lowered ServiceNow from an “outperform” rating to a “neutral” rating and set a $300.00 target price on the stock. in a research note on Thursday, April 2nd. Piper Sandler lowered ServiceNow from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $310.00 to $360.00 in a research note on Thursday, April 30th. Needham & Company LLC boosted their price objective on ServiceNow from $335.00 to $383.00 in a research note on Thursday, April 30th. Finally, Royal Bank of Canada decreased their price objective on ServiceNow from $370.00 to $356.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Six research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $362.96.
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.
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