Narwhal Capital Management Sells 743 Shares of ServiceNow, Inc. (NYSE:NOW)

Narwhal Capital Management lowered its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 33.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,473 shares of the information technology services provider's stock after selling 743 shares during the quarter. Narwhal Capital Management's holdings in ServiceNow were worth $1,173,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Quarry LP purchased a new stake in shares of ServiceNow during the fourth quarter valued at $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow in the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow in the fourth quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the fourth quarter valued at approximately $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow in the 4th quarter valued at approximately $37,000. 87.18% of the stock is currently owned by institutional investors.

Insider Activity at ServiceNow

In other news, Director Deborah Black sold 598 shares of the stock in a transaction on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the completion of the transaction, the director now owns 428 shares in the company, valued at approximately $402,418.44. This represents a 58.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the firm's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at $2,435,554.47. The trade was a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock worth $6,611,245 over the last three months. Company insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $9.63 during midday trading on Wednesday, hitting $1,005.95. The company had a trading volume of 1,174,561 shares, compared to its average volume of 1,482,130. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The business's 50 day simple moving average is $971.58 and its two-hundred day simple moving average is $968.44. The stock has a market cap of $208.21 billion, a PE ratio of 136.68, a P/E/G ratio of 4.52 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 13.41% and a return on equity of 17.34%. The business's quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the business posted $3.41 EPS. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on NOW shares. JPMorgan Chase & Co. decreased their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Erste Group Bank raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,048.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Bank of America lowered their price target on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Piper Sandler dropped their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $1,065.32.

About ServiceNow

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.