Crestwood Capital Management Lowers stake in ServiceNow Inc (NOW)

ServiceNow Inc (NOW) : Crestwood Capital Management reduced its stake in ServiceNow Inc by 20.71% during the most recent quarter end. The investment management company now holds a total of 249,750 shares of ServiceNow Inc which is valued at $18,923,558 after selling 65,250 shares in ServiceNow Inc , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.ServiceNow Inc makes up approximately 4.50% of Crestwood Capital Management’s portfolio.

Other Hedge Funds, Including , Mitsubishi Ufj Trust Banking Corp boosted its stake in NOW in the latest quarter, The investment management firm added 24,833 additional shares and now holds a total of 319,739 shares of ServiceNow Inc which is valued at $24,226,624. ServiceNow Inc makes up approx 0.05% of Mitsubishi Ufj Trust Banking Corp’s portfolio.Avalon Global Asset Management boosted its stake in NOW in the latest quarter, The investment management firm added 5,000 additional shares and now holds a total of 103,500 shares of ServiceNow Inc which is valued at $7,842,195. ServiceNow Inc makes up approx 6.68% of Avalon Global Asset Management’s portfolio.Trexquant Investment Lp reduced its stake in NOW by selling 9,570 shares or 29.32% in the most recent quarter. The Hedge Fund company now holds 23,069 shares of NOW which is valued at $1,747,938. ServiceNow Inc makes up approx 0.22% of Trexquant Investment Lp’s portfolio.Bb&t Securities reduced its stake in NOW by selling 2,212 shares or 24.59% in the most recent quarter. The Hedge Fund company now holds 6,785 shares of NOW which is valued at $514,507. ServiceNow Inc makes up approx 0.01% of Bb&t Securities’s portfolio.Quantbot Technologies Lp boosted its stake in NOW in the latest quarter, The investment management firm added 56,481 additional shares and now holds a total of 73,876 shares of ServiceNow Inc which is valued at $5,486,771. ServiceNow Inc makes up approx 0.56% of Quantbot Technologies Lp’s portfolio.

ServiceNow Inc closed down -0.11 points or -0.15% at $73.39 with 8,84,961 shares getting traded on Monday. Post opening the session at $73.61, the shares hit an intraday low of $72.92 and an intraday high of $73.83 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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