Portside Wealth Group LLC Has $5.75 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Portside Wealth Group LLC cut its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,222 shares of the information technology services provider's stock after selling 2,002 shares during the quarter. ServiceNow accounts for 1.0% of Portside Wealth Group LLC's holdings, making the stock its 19th largest holding. Portside Wealth Group LLC's holdings in ServiceNow were worth $5,750,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NOW. Janus Henderson Group PLC increased its holdings in shares of ServiceNow by 1.5% in 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. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. lifted its position in ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock worth $35,147,000 after acquiring an additional 1,105 shares during the period. FMR LLC lifted its position in ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after acquiring an additional 272,506 shares during the period. Finally, Duncker Streett & Co. Inc. raised its stake in shares of ServiceNow by 4.8% during the 4th quarter. Duncker Streett & Co. Inc. now owns 6,376 shares of the information technology services provider's stock worth $6,759,000 after buying an additional 290 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. Piper Sandler cut their target price on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Barclays set a $1,085.00 price objective on ServiceNow in a research note on Wednesday, May 7th. Finally, Guggenheim raised their price objective on ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,062.50.

ServiceNow Price Performance

Shares of NYSE NOW traded up $13.10 during trading on Friday, hitting $1,030.70. The company had a trading volume of 956,231 shares, compared to its average volume of 1,484,782. The company has a market cap of $213.34 billion, a P/E ratio of 150.91, a PEG ratio of 4.51 and a beta of 0.95. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The business's 50-day moving average is $919.44 and its 200 day moving average is $974.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the business earned $3.41 EPS. The company's revenue was up 18.6% on a year-over-year basis. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 248 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total value of $250,266.72. Following the transaction, the director now directly owns 10,643 shares of the company's stock, valued at approximately $10,740,277.02. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by insiders.

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.