Sanibel Captiva Trust Company Inc. Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Sanibel Captiva Trust Company Inc. reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 11,148 shares of the information technology services provider's stock after selling 289 shares during the period. Sanibel Captiva Trust Company Inc.'s holdings in ServiceNow were worth $8,875,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Quarry LP purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $27,000. Atala Financial Inc purchased a new stake in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the fourth quarter valued at $32,000. FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after buying an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of ServiceNow in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 0.6%

NOW stock traded down $6.13 during midday trading on Wednesday, hitting $1,003.66. 741,971 shares of the company's stock were exchanged, compared to its average volume of 1,482,236. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $207.74 billion, a PE ratio of 146.95, a P/E/G ratio of 4.51 and a beta of 0.95. The business has a 50-day simple moving average of $928.22 and a two-hundred day simple moving average of $974.13.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data 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. 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 17.11% and a net margin of 12.97%. The business's quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.41 EPS. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NOW shares. 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 report on Tuesday, May 6th. JPMorgan Chase & Co. cut their price objective 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. Redburn Atlantic started coverage on ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating on the stock. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and lifted their price target for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Finally, Bank of America reduced their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider now owns 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer now owns 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. Over the last quarter, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by corporate insiders.

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.