Ascent Group LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,602 shares of the information technology services provider's stock after selling 443 shares during the period. Ascent Group LLC's holdings in ServiceNow were worth $1,647,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. Bogart Wealth LLC boosted its holdings in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow in the first quarter valued at $26,000. WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in ServiceNow during the 2nd quarter worth $30,000. Finally, Dagco Inc. acquired a new position in ServiceNow in the 1st quarter worth $33,000. Institutional investors and hedge funds own 87.18% of the company's stock.
Insiders Place Their Bets
In related news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the firm's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares in the company, valued at $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the company. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. Guggenheim restated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Raymond James Financial increased their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Finally, Piper Sandler upped their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,122.20.
Read Our Latest Stock Report on ServiceNow
ServiceNow Stock Up 0.2%
Shares of NYSE:NOW opened at $911.75 on Monday. The stock has a market capitalization of $189.64 billion, a price-to-earnings ratio of 114.83, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company's fifty day moving average is $914.67 and its two-hundred day moving average is $930.67. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.
ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the business posted $3.13 EPS. The company's quarterly revenue was up 22.4% on a year-over-year basis. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.
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.
Further Reading
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