Pier 88 Investment Partners LLC Decreases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Pier 88 Investment Partners LLC decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 49.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 960 shares of the information technology services provider's stock after selling 940 shares during the quarter. Pier 88 Investment Partners LLC's holdings in ServiceNow were worth $764,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC lifted its position in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares during the period. FMR LLC lifted its position 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 valued at $6,232,339,000 after purchasing an additional 272,506 shares during the period. Parr Mcknight Wealth Management Group LLC bought a new position in ServiceNow during the first quarter valued at approximately $1,820,000. Nicholas Investment Partners LP lifted its position in ServiceNow by 223.5% during 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 period. Finally, OMNI 360 Wealth Inc. bought a new position in ServiceNow during the first quarter valued at approximately $285,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity

In other news, Director Jonathan Chadwick sold 770 shares of the firm's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the transaction, the director directly owned 3,205 shares of the company's stock, valued at approximately $2,985,842.10. This trade represents a 19.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director directly owned 10,891 shares of the company's stock, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock valued at $6,577,363 over the last three months. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NOW. Bank of America increased their price objective on shares of ServiceNow from $1,085.00 to $1,110.00 and gave the stock a "buy" rating in a research note on Friday. Jefferies Financial Group lowered their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Monday. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and raised their target price for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Finally, Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,079.58.

ServiceNow Price Performance

NOW stock traded up $2.24 during trading on Tuesday, hitting $962.15. The stock had a trading volume of 289,032 shares, compared to its average volume of 1,481,630. The company's 50 day moving average price is $1,006.53 and its two-hundred day moving average price is $955.01. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The stock has a market cap of $199.15 billion, a price-to-earnings ratio of 130.67, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. 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 (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company's revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.41 EPS. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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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