Allspring Global Investments Holdings LLC lessened its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 263,167 shares of the information technology services provider's stock after selling 25,745 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.13% of ServiceNow worth $266,296,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in NOW. Brighton Jones LLC lifted its stake in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after purchasing an additional 30 shares during the period. GAMMA Investing LLC lifted its stake in shares of ServiceNow by 10.0% in the 1st quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after purchasing an additional 308 shares during the period. NorthCrest Asset Manangement LLC raised its stake in ServiceNow by 13.5% during the first quarter. NorthCrest Asset Manangement LLC now owns 1,570 shares of the information technology services provider's stock valued at $1,251,000 after buying an additional 187 shares during the last quarter. Stock Yards Bank & Trust Co. raised its stake in ServiceNow by 79.7% during the first quarter. Stock Yards Bank & Trust Co. now owns 496 shares of the information technology services provider's stock valued at $395,000 after buying an additional 220 shares during the last quarter. Finally, Opal Wealth Advisors LLC purchased a new position in ServiceNow during the first quarter valued at $124,000. Hedge funds and other institutional investors own 87.18% of the company's stock.
Insider Buying and Selling
In related news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 over the last ninety days. 0.38% of the stock is owned by insiders.
ServiceNow Stock Performance
Shares of NOW opened at $888.63 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The firm has a market capitalization of $184.84 billion, a P/E ratio of 111.92, a PEG ratio of 4.00 and a beta of 0.92. The business has a fifty day moving average of $909.21 and a 200 day moving average of $932.99.
ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 earnings per share. ServiceNow's revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on NOW shares. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Citigroup lifted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Guggenheim reiterated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Finally, BMO Capital Markets lifted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.
Read Our Latest Analysis on NOW
ServiceNow Company Profile
(
Free Report)
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.
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