Telemark Asset Management LLC Has $35.78 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Telemark Asset Management LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 60.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,000 shares of the information technology services provider’s stock after acquiring an additional 15,000 shares during the quarter. ServiceNow accounts for 3.6% of Telemark Asset Management LLC’s portfolio, making the stock its 7th largest holding. Telemark Asset Management LLC’s holdings in ServiceNow were worth $35,776,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the stock. Allen Capital Group LLC boosted its position in shares of ServiceNow by 20.9% in the third quarter. Allen Capital Group LLC now owns 543 shares of the information technology services provider’s stock worth $486,000 after buying an additional 94 shares during the period. Raymond James Trust N.A. boosted its position in shares of ServiceNow by 5.4% in the third quarter. Raymond James Trust N.A. now owns 3,990 shares of the information technology services provider’s stock worth $3,569,000 after buying an additional 204 shares during the period. AlphaCore Capital LLC boosted its position in shares of ServiceNow by 17.4% in the third quarter. AlphaCore Capital LLC now owns 1,080 shares of the information technology services provider’s stock worth $966,000 after buying an additional 160 shares during the period. Darden Wealth Group Inc acquired a new stake in shares of ServiceNow in the third quarter worth $908,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of ServiceNow by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,236,337 shares of the information technology services provider’s stock worth $1,105,767,000 after buying an additional 31,702 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling at ServiceNow

In other news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. This represents a 33.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,644 shares of company stock valued at $19,381,744 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. TD Cowen raised their target price on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Mizuho lifted their price objective on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research report on Tuesday. Barclays lifted their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. JMP Securities lifted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. Finally, Sanford C. Bernstein lifted their price objective on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One equities research 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $986.39.

ServiceNow Price Performance

NYSE NOW opened at $1,048.34 on Friday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,061.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $215.96 billion, a PE ratio of 163.04, a P/E/G ratio of 5.87 and a beta of 0.98. The stock has a 50-day simple moving average of $944.90 and a 200 day simple moving average of $832.32.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.21 EPS. Research analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

ServiceNow Profile

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.