Westpac Banking Corp Has $7.54 Million Stake in ServiceNow, Inc. (NOW)

Westpac Banking Corp lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 565.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,144 shares of the information technology services provider’s stock after purchasing an additional 54,510 shares during the period. Westpac Banking Corp’s holdings in ServiceNow were worth $7,539,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of NOW. Prudential Financial Inc. increased its stake in shares of ServiceNow by 80.0% in the 1st quarter. Prudential Financial Inc. now owns 9,900 shares of the information technology services provider’s stock worth $866,000 after purchasing an additional 4,400 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in ServiceNow by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 153,341 shares of the information technology services provider’s stock worth $13,412,000 after buying an additional 11,885 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in ServiceNow by 5.5% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 260,939 shares of the information technology services provider’s stock worth $22,825,000 after buying an additional 13,646 shares in the last quarter. AQR Capital Management LLC increased its stake in ServiceNow by 44.4% in the 1st quarter. AQR Capital Management LLC now owns 47,862 shares of the information technology services provider’s stock worth $4,186,000 after buying an additional 14,718 shares in the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. increased its stake in ServiceNow by 67.2% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,006 shares of the information technology services provider’s stock worth $175,000 after buying an additional 806 shares in the last quarter.

NOW has been the subject of several research reports. Moffett Nathanson initiated coverage on shares of ServiceNow in a report on Wednesday, September 6th. They set a “buy” rating for the company. BidaskClub downgraded shares of ServiceNow from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Robert W. Baird reissued a “buy” rating and set a $120.00 price objective on shares of ServiceNow in a report on Friday, September 1st. Summit Redstone reissued a “buy” rating and set a $135.00 price objective on shares of ServiceNow in a report on Monday, September 18th. Finally, Deutsche Bank AG increased their price objective on shares of ServiceNow from $115.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-nine have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $126.57.

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In related news, insider Michael Scarpelli sold 75,000 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $107.68, for a total transaction of $8,076,000.00. Following the completion of the sale, the insider now owns 252,368 shares in the company, valued at approximately $27,174,986.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO David Schneider sold 16,349 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $107.25, for a total transaction of $1,753,430.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,070,142 shares of company stock valued at $124,815,242. 3.30% of the stock is owned by company insiders.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.06. The firm had revenue of $498.20 million for the quarter, compared to the consensus estimate of $491.62 million. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 23.64%. The company’s revenue was up 39.3% on a year-over-year basis. During the same period last year, the firm posted $0.23 EPS.

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.

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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