Norden Group LLC Sells 1,814 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Norden Group LLC reduced its stake in ServiceNow by 29.7%, selling 1,814 shares for a total holding of 4,304 shares valued at approximately $3.43 million.
• ServiceNow's quarterly earnings beat expectations with an EPS of $4.09, exceeding the consensus estimate of $3.57, while reporting revenue of $3.22 billion.
• Analysts have different ratings for ServiceNow, with a consensus average price target of $1,114.87, indicating a generally positive outlook despite some price target adjustments.

Norden Group LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,304 shares of the information technology services provider's stock after selling 1,814 shares during the period. Norden Group LLC's holdings in ServiceNow were worth $3,426,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Janus Henderson Group PLC raised its position in shares of 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 valued at $874,258,000 after acquiring an additional 12,533 shares during the last quarter. FMR LLC grew its stake in shares of 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. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow during the first quarter worth $1,820,000. Nicholas Investment Partners LP increased its holdings 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 purchasing an additional 1,938 shares during the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new position in ServiceNow in the first quarter valued at about $285,000. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the transaction, the director directly owned 10,404 shares of the company's stock, valued at $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 145 shares of the stock in a transaction dated 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 in the company, valued at $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,233 shares of company stock worth $5,297,758 in the last quarter. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a research note on Thursday. Evercore ISI upped their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Piper Sandler boosted 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. Finally, Canaccord Genuity Group dropped their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,114.87.

ServiceNow Stock Down 2.8%

Shares of NOW stock opened at $968.05 on Monday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock has a market cap of $200.37 billion, a price-to-earnings ratio of 121.92, a PEG ratio of 4.42 and a beta of 0.94. The firm's 50-day moving average is $1,000.33 and its 200-day moving average is $951.85. 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 released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the company earned $3.13 earnings per share. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS 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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