Lincoln National Corp Acquires New Stake in ServiceNow Inc (NOW)

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Lincoln National Corp acquired a new position in ServiceNow Inc (NYSE:NOW) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,343 shares of the information technology services provider’s stock, valued at approximately $263,000.

Other hedge funds also recently bought and sold shares of the company. Frontier Capital Management Co. LLC boosted its stake in ServiceNow by 90.1% in the third quarter. Frontier Capital Management Co. LLC now owns 502,068 shares of the information technology services provider’s stock worth $98,220,000 after buying an additional 237,906 shares in the last quarter. Northern Trust Corp boosted its stake in ServiceNow by 1.0% in the second quarter. Northern Trust Corp now owns 990,521 shares of the information technology services provider’s stock worth $170,835,000 after buying an additional 9,950 shares in the last quarter. Zurich Insurance Group Ltd FI boosted its stake in ServiceNow by 43.3% in the second quarter. Zurich Insurance Group Ltd FI now owns 37,929 shares of the information technology services provider’s stock worth $6,542,000 after buying an additional 11,454 shares in the last quarter. CAPROCK Group Inc. purchased a new stake in ServiceNow in the second quarter worth approximately $266,000. Finally, Geneva Partners LLC purchased a new stake in ServiceNow in the third quarter worth approximately $893,000. Institutional investors own 95.50% of the company’s stock.

NYSE:NOW opened at $172.97 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.26 and a quick ratio of 1.26. ServiceNow Inc has a fifty-two week low of $112.84 and a fifty-two week high of $206.29.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 24th. The information technology services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.61. The company had revenue of $673.10 million during the quarter, compared to the consensus estimate of $659.41 million. ServiceNow had a negative return on equity of 2.93% and a negative net margin of 2.52%. As a group, research analysts forecast that ServiceNow Inc will post 0.16 EPS for the current fiscal year.

NOW has been the subject of several research reports. Barclays upped their target price on ServiceNow from $198.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, September 7th. Argus upped their target price on ServiceNow to $215.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. They noted that the move was a valuation call. KeyCorp upped their target price on ServiceNow from $194.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, July 26th. Canaccord Genuity upped their target price on ServiceNow from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, July 26th. Finally, Macquarie set a $210.00 target price on ServiceNow and gave the stock a “buy” rating in a research note on Friday, October 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $203.44.

In related news, insider Chirantan Jitendra Desai sold 2,031 shares of the company’s stock in a transaction that occurred on Monday, November 12th. The stock was sold at an average price of $175.20, for a total transaction of $355,831.20. Following the completion of the transaction, the insider now owns 7,174 shares in the company, valued at $1,256,884.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frederic B. Luddy sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 13th. The shares were sold at an average price of $169.59, for a total value of $5,511,675.00. Following the transaction, the director now owns 282,383 shares of the company’s stock, valued at approximately $47,889,332.97. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 183,344 shares of company stock valued at $33,247,293. 1.60% of the stock is owned by corporate insiders.

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ServiceNow Profile

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.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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