Raine Capital Lowers stake in ServiceNow Inc (NOW)

ServiceNow Inc (NOW) : Raine Capital reduced its stake in ServiceNow Inc by 26.47% during the most recent quarter end. The investment management company now holds a total of 125,000 shares of ServiceNow Inc which is valued at $9,471,250 after selling 45,000 shares in ServiceNow Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.ServiceNow Inc makes up approximately 8.04% of Raine Capital’s portfolio.

Other Hedge Funds, Including , First Republic Investment Management boosted its stake in NOW in the latest quarter, The investment management firm added 9,234 additional shares and now holds a total of 15,638 shares of ServiceNow Inc which is valued at $1,184,891. ServiceNow Inc makes up approx 0.01% of First Republic Investment Management’s portfolio.Shearlink Capital boosted its stake in NOW in the latest quarter, The investment management firm added 136,737 additional shares and now holds a total of 379,227 shares of ServiceNow Inc which is valued at $28,734,030. ServiceNow Inc makes up approx 11.47% of Shearlink Capital’s portfolio.Calvert Investment Management boosted its stake in NOW in the latest quarter, The investment management firm added 83 additional shares and now holds a total of 8,163 shares of ServiceNow Inc which is valued at $619,000. ServiceNow Inc makes up approx 0.03% of Calvert Investment Management’s portfolio.Eagle Asset Management Inc reduced its stake in NOW by selling 145,034 shares or 44.47% in the most recent quarter. The Hedge Fund company now holds 181,138 shares of NOW which is valued at $13,159,676. ServiceNow Inc makes up approx 0.09% of Eagle Asset Management Inc’s portfolio.

ServiceNow Inc opened for trading at $72.13 and hit $74.09 on the upside on Thursday, eventually ending the session at $74, with a gain of 1.83% or 1.33 points. The heightened volatility saw the trading volume jump to 15,48,071 shares. Company has a market cap of $12,173 M.

On the company’s financial health, ServiceNow Inc reported $0.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.09. The company had revenue of $341.30 million for the quarter, compared to analysts expectations of $333.91 million. The company’s revenue was up 38.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS.

Many Wall Street Analysts have commented on ServiceNow Inc. Company shares were Reiterated by MKM Partners on Jul 28, 2016 to “Neutral”, Firm has raised the Price Target to $ 70 from a previous price target of $60 .Company shares were Upgraded by Mizuho on Jul 15, 2016 to ” Buy”, Firm has raised the Price Target to $ 85 from a previous price target of $70 .

ServiceNow Inc. is a provider of cloud-based solutions that define structure manage and automate services across the global enterprise. The Company provides cloud-based service management solutions that address the needs of a range of departments within an organization including IT human resources (HR) facilities field service marketing legal and finance. It also provides business management and IT operations management solutions that facilitate the delivery of services across the enterprise. The Company markets its services to enterprises in a variety of industries including financial services consumer products IT services health care and technology. The Company offers a portfolio of services including Professional Services Education Services and Customer Support. The Company provides its services from data centers located in Australia Brazil Canada Hong Kong the Netherlands Singapore Switzerland the United Kingdom and the United States.

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