Envestnet Portfolio Solutions Inc. Has $17.67 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Envestnet Portfolio Solutions Inc. cut its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,199 shares of the information technology services provider's stock after selling 2,624 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in ServiceNow were worth $17,674,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Janus Henderson Group PLC grew its holdings in ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after acquiring an additional 12,533 shares during the period. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow during the 4th quarter valued at about $48,802,000. FMR LLC grew its stake in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the period. Duncker Streett & Co. Inc. increased its holdings in ServiceNow by 4.8% in the fourth quarter. Duncker Streett & Co. Inc. now owns 6,376 shares of the information technology services provider's stock worth $6,759,000 after purchasing an additional 290 shares in the last quarter. Finally, Nicholas Investment Partners LP lifted its stake in ServiceNow by 223.5% in the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after buying an additional 1,938 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $2,435,554.47. This trade represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider now directly owns 3,000 shares in the company, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,716 shares of company stock worth $6,611,245. Insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on NOW shares. TD Securities reaffirmed a "buy" rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Morgan Stanley raised their price target on shares of ServiceNow from $881.00 to $950.00 and gave the stock an "equal weight" rating in a report on Thursday, April 24th. Raymond James Financial decreased their price target on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research note on Tuesday, April 8th. Redburn Atlantic started coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating on the stock. Finally, Royal Bank Of Canada raised their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $980.29 on Thursday. The company has a market capitalization of $202.90 billion, a P/E ratio of 133.19, a price-to-earnings-growth ratio of 4.63 and a beta of 0.95. The company's 50-day moving average is $956.82 and its 200 day moving average is $972.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same period in the previous year, the company earned $3.41 earnings per share. The company's quarterly revenue was up 18.6% on a year-over-year basis. On average, 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.

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