Berkshire Capital Holdings Inc. Takes Position in ServiceNow (NOW)

Berkshire Capital Holdings Inc. acquired a new position in shares of ServiceNow (NYSE:NOW) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 50,640 shares of the information technology services provider’s stock, valued at approximately $8,378,000. ServiceNow comprises 7.5% of Berkshire Capital Holdings Inc.’s investment portfolio, making the stock its 4th biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of NOW. Bank of Montreal Can raised its stake in ServiceNow by 29.6% in the fourth quarter. Bank of Montreal Can now owns 160,344 shares of the information technology services provider’s stock valued at $20,907,000 after buying an additional 36,632 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in ServiceNow by 5.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 320,719 shares of the information technology services provider’s stock valued at $41,819,000 after buying an additional 15,138 shares during the last quarter. State of Alaska Department of Revenue raised its stake in ServiceNow by 149.7% in the fourth quarter. State of Alaska Department of Revenue now owns 21,803 shares of the information technology services provider’s stock valued at $2,841,000 after buying an additional 13,070 shares during the last quarter. Cerebellum GP LLC purchased a new stake in ServiceNow in the fourth quarter valued at about $131,000. Finally, SG Americas Securities LLC purchased a new stake in ServiceNow in the fourth quarter valued at about $280,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

ServiceNow opened at $175.52 on Friday, Marketbeat reports. The stock has a market cap of $30.08 billion, a P/E ratio of -167.16, a P/E/G ratio of 29.33 and a beta of 1.07. ServiceNow has a 52 week low of $99.01 and a 52 week high of $182.59. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.74.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 25th. The information technology services provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.37 by $0.19. ServiceNow had a negative return on equity of 10.63% and a negative net margin of 4.65%. The company had revenue of $589.20 million for the quarter, compared to analyst estimates of $570.63 million. During the same period last year, the company earned $0.25 earnings per share. ServiceNow’s quarterly revenue was up 37.4% compared to the same quarter last year. research analysts anticipate that ServiceNow will post 0.13 earnings per share for the current fiscal year.

In other ServiceNow news, CRO David Schneider sold 2,372 shares of the firm’s stock in a transaction that occurred on Wednesday, May 23rd. The stock was sold at an average price of $168.70, for a total value of $400,156.40. Following the sale, the executive now directly owns 39,703 shares of the company’s stock, valued at $6,697,896.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $160.19, for a total value of $16,019,000.00. Following the completion of the sale, the director now directly owns 195,076 shares in the company, valued at $31,249,224.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 542,587 shares of company stock worth $90,485,591. 1.60% of the stock is owned by corporate insiders.

NOW has been the subject of a number of research analyst reports. Morgan Stanley increased their price target on ServiceNow from $163.00 to $172.00 and gave the company an “overweight” rating in a research note on Tuesday, January 30th. Bank of America increased their price objective on ServiceNow from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. KeyCorp reissued an “overweight” rating and issued a $165.00 price objective (up from $150.00) on shares of ServiceNow in a report on Thursday, February 1st. BMO Capital Markets increased their price objective on ServiceNow from $133.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Finally, Stifel Nicolaus increased their price objective on ServiceNow from $120.00 to $150.00 and gave the company a “hold” rating in a report on Thursday, February 1st. Five investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company’s stock. ServiceNow currently has a consensus rating of “Buy” and an average target price of $169.07.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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