ServiceNow, Inc. $NOW is Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's 9th Largest Position

Key Points

• Loring Wolcott & Coolidge Fiduciary Advisors LLP MA has reduced its holdings in ServiceNow, Inc. by 0.8%, making it the firm's 9th largest position, now valued at approximately $309.7 million.
• ServiceNow's shares recently saw a major stake increase from Goldman Sachs Group Inc., which raised its holdings by 131.4% to own around 1.48 million shares worth over $1.17 billion.
• Analysts maintain a consensus rating of "Moderate Buy" for ServiceNow, with recent price targets ranging from $1,075 to $1,300, indicating optimism for the stock's recovery.

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 301,284 shares of the information technology services provider's stock after selling 2,310 shares during the quarter. ServiceNow makes up 2.7% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's investment portfolio, making the stock its 9th largest holding. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned 0.14% of ServiceNow worth $309,742,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new stake in shares of ServiceNow during the 1st quarter valued at $382,000. Corient IA LLC purchased a new stake in ServiceNow in the 1st quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow in the 1st quarter worth about $1,820,000. ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow in the 1st quarter worth about $19,278,000. Finally, Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on NOW. Piper Sandler lifted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. UBS Group decreased their price objective on ServiceNow from $1,100.00 to $1,075.00 and set a "buy" rating for the company in a report on Tuesday, October 14th. Jefferies Financial Group lifted their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of ServiceNow in a report on Wednesday, October 8th. Finally, JMP Securities reissued a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,121.37.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of the business's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock valued at $16,798,825 in the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Stock Down 0.6%

NOW stock opened at $936.25 on Thursday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $194.74 billion, a PE ratio of 117.92, a PEG ratio of 4.24 and a beta of 0.92. The stock has a 50-day simple moving average of $914.81 and a two-hundred day simple moving average of $938.12.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping 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 company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm earned $3.13 earnings per share. ServiceNow's revenue was up 22.4% on a year-over-year basis. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.

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