Main Street Research LLC Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Main Street Research LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 48.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,997 shares of the information technology services provider's stock after selling 15,740 shares during the period. Main Street Research LLC's holdings in ServiceNow were worth $13,532,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Cassady Schiller Wealth Management LLC boosted its holdings in ServiceNow by 44.0% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after purchasing an additional 11 shares in the last quarter. Plancorp LLC lifted its holdings in ServiceNow by 4.1% in the 4th quarter. Plancorp LLC now owns 308 shares of the information technology services provider's stock worth $327,000 after purchasing an additional 12 shares during the last quarter. Capital Investment Advisory Services LLC boosted its position in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after purchasing an additional 12 shares during the period. Kesler Norman & Wride LLC grew its holdings in ServiceNow by 1.2% during the fourth quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock valued at $1,157,000 after purchasing an additional 13 shares during the last quarter. Finally, Sepio Capital LP grew its holdings in ServiceNow by 3.8% during the fourth quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after purchasing an additional 13 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Down 0.8%

NYSE NOW traded down $7.81 on Wednesday, hitting $1,015.17. The company's stock had a trading volume of 1,146,714 shares, compared to its average volume of 1,478,282. The firm has a market cap of $210.12 billion, a PE ratio of 137.93, a PEG ratio of 4.70 and a beta of 0.94. The company's 50-day moving average is $1,007.49 and its 200 day moving average is $962.22. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm's quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.41 earnings per share. As a group, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the sale, the director owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,955 shares of company stock valued at $6,862,195. 0.38% of the stock is owned by insiders.

Analyst Ratings Changes

NOW has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Evercore ISI boosted their price objective on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Stifel Nicolaus raised their target price on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Finally, DA Davidson started coverage on shares of ServiceNow in a research report on Wednesday, June 25th. They set a "buy" rating and a $1,150.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,068.23.

ServiceNow Company 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.