CenterBook Partners LP Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

CenterBook Partners LP trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 62.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,204 shares of the information technology services provider's stock after selling 2,026 shares during the period. CenterBook Partners LP's holdings in ServiceNow were worth $959,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NOW. Brighton Jones LLC boosted its stake in ServiceNow by 1.1% during 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 last quarter. Proficio Capital Partners LLC boosted its stake in ServiceNow by 45.6% during the 4th quarter. Proficio Capital Partners LLC now owns 629 shares of the information technology services provider's stock valued at $667,000 after purchasing an additional 197 shares during the last quarter. Madison Investment Advisors LLC purchased a new stake in ServiceNow during the 4th quarter valued at $221,000. GWN Securities Inc. purchased a new stake in ServiceNow during the 4th quarter valued at $89,000. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of ServiceNow by 51.9% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 55,334 shares of the information technology services provider's stock worth $58,742,000 after buying an additional 18,905 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research reports. Oppenheimer restated an "outperform" rating and issued a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a research note on Tuesday, May 6th. Needham & Company LLC restated a "buy" rating and issued a $1,050.00 price target on shares of ServiceNow in a research note on Tuesday, May 6th. TD Securities restated a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Evercore ISI raised their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Finally, Royal Bank Of Canada raised their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-one have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $1,073.13.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 145 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $3,087,540. This trade represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,601 shares of company stock valued at $6,577,363 in the last ninety days. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NYSE:NOW traded down $7.70 on Thursday, reaching $959.27. 1,274,885 shares of the company's stock traded hands, compared to its average volume of 1,488,070. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. The stock has a 50-day simple moving average of $1,006.88 and a 200-day simple moving average of $957.08. The firm has a market cap of $198.55 billion, a PE ratio of 130.34, a P/E/G ratio of 4.44 and a beta of 0.94. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm's revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.41 earnings per share. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow Profile

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.