Hunt Lane Capital LP Sells 84,000 Shares of ServiceNow, Inc. (NOW)

Hunt Lane Capital LP lowered its position in ServiceNow, Inc. (NYSE:NOW) by 19.1% during the first quarter, Holdings Channel reports. The firm owned 356,000 shares of the information technology services provider’s stock after selling 84,000 shares during the period. ServiceNow comprises about 7.9% of Hunt Lane Capital LP’s holdings, making the stock its 7th largest position. Hunt Lane Capital LP owned about 0.21% of ServiceNow worth $31,139,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. FMR LLC boosted its stake in ServiceNow by 91.1% in the first quarter. FMR LLC now owns 3,280,069 shares of the information technology services provider’s stock worth $286,908,000 after buying an additional 1,563,778 shares during the period. Norges Bank purchased a new stake in ServiceNow during the fourth quarter worth approximately $101,728,000. Vanguard Group Inc. boosted its stake in ServiceNow by 8.1% in the first quarter. Vanguard Group Inc. now owns 13,244,656 shares of the information technology services provider’s stock worth $1,158,511,000 after buying an additional 994,461 shares during the period. Renaissance Technologies LLC boosted its stake in ServiceNow by 770.6% in the first quarter. Renaissance Technologies LLC now owns 1,072,600 shares of the information technology services provider’s stock worth $93,820,000 after buying an additional 949,400 shares during the period. Finally, Scge Management L.P. purchased a new stake in ServiceNow during the fourth quarter worth approximately $31,000,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

Shares of ServiceNow, Inc. (NYSE NOW) traded down 0.06% during midday trading on Friday, hitting $101.20. The stock had a trading volume of 1,557,717 shares. The company’s market cap is $17.18 billion. The firm has a 50 day moving average of $100.94 and a 200-day moving average of $89.13. ServiceNow, Inc. has a one year low of $63.51 and a one year high of $110.66.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 26th. The information technology services provider reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by $0.02. ServiceNow had a negative net margin of 10.60% and a negative return on equity of 31.34%. The company had revenue of $416.80 million for the quarter, compared to analyst estimates of $409.26 million. During the same quarter in the prior year, the business earned $0.09 EPS. ServiceNow’s revenue was up 36.3% compared to the same quarter last year. On average, analysts forecast that ServiceNow, Inc. will post $1.16 earnings per share for the current fiscal year.

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NOW has been the topic of a number of research analyst reports. Zacks Investment Research upgraded ServiceNow from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a research report on Friday, April 28th. Morgan Stanley lifted their target price on ServiceNow from $108.00 to $114.00 and gave the stock an “overweight” rating in a research report on Friday, April 28th. BMO Capital Markets lifted their target price on ServiceNow from $104.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, April 27th. Royal Bank of Canada boosted their price target on ServiceNow from $108.00 to $110.00 and gave the company a “top pick” rating in a research report on Thursday, April 27th. Finally, DA Davidson set a $118.00 price target on ServiceNow and gave the company a “buy” rating in a research report on Thursday, April 27th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $103.55.

In related news, Director Frederic B. Luddy sold 167,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 22nd. The shares were sold at an average price of $85.02, for a total transaction of $14,198,340.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John J. Donahoe bought 11,236 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 9th. The shares were acquired at an average price of $98.05 per share, with a total value of $1,101,689.80. Following the completion of the acquisition, the insider now directly owns 5,618 shares of the company’s stock, valued at approximately $550,844.90. The disclosure for this purchase can be found here. Insiders have sold 696,673 shares of company stock valued at $64,476,246 over the last 90 days. 5.90% of the stock is currently owned by insiders.

About ServiceNow

ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.

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