Soros Fund Management LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Soros Fund Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,575 shares of the information technology services provider's stock, valued at approximately $18,402,000.

Other hedge funds also recently added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new position in ServiceNow in the 3rd quarter valued at approximately $30,000. Ridgewood Investments LLC acquired a new position in shares of ServiceNow during the 2nd quarter worth $32,000. DT Investment Partners LLC boosted its position in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock worth $35,000 after buying an additional 17 shares in the last quarter. American Capital Advisory LLC acquired a new stake in ServiceNow in the 2nd quarter valued at about $39,000. Finally, Semmax Financial Advisors Inc. purchased a new position in ServiceNow during the 2nd quarter valued at about $39,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now directly owns 42,920 shares of the company's stock, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. The trade was a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock worth $20,861,626 over the last quarter. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on NOW shares. Evercore ISI upped their price target on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Stifel Nicolaus increased their target price on ServiceNow from $900.00 to $990.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Royal Bank of Canada boosted their price target on ServiceNow from $985.00 to $1,045.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Canaccord Genuity Group upped their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Finally, Oppenheimer lifted their price objective on ServiceNow from $1,020.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,002.64.

ServiceNow Stock Up 0.6 %

NOW stock traded up $6.93 during midday trading on Friday, hitting $1,130.65. 361,789 shares of the company's stock were exchanged, compared to its average volume of 1,278,569. The stock has a market capitalization of $232.91 billion, a price-to-earnings ratio of 174.76, a price-to-earnings-growth ratio of 6.07 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average price of $977.66 and a 200-day moving average price of $855.37. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,137.00.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm's revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period last year, the business earned $1.21 EPS. On average, analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

About ServiceNow

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.