ServiceNow, Inc. $NOW Stock Holdings Cut by Talbot Financial LLC

Key Points

• Talbot Financial cut its ServiceNow position by 16.6% in the third quarter, selling 19,173 shares and retaining 96,164 shares valued at approximately $12.9 million. Institutional investors collectively own 87.18% of ServiceNow.
• ServiceNow insiders sold 14,081 shares worth about $1.94 million over the past 90 days, while corporate insiders retain only 0.34% of the company’s stock.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $152.29. The stock recently traded at $144.94 after quarterly earnings and revenue exceeded expectations, with revenue up 24% year over year.

Talbot Financial LLC trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,164 shares of the information technology services provider's stock after selling 19,173 shares during the period. Talbot Financial LLC's holdings in ServiceNow were worth $12,887,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NOW. Sculati Wealth Management LLC boosted its position in shares of ServiceNow by 1.2% during the third quarter. Sculati Wealth Management LLC now owns 19,270 shares of the information technology services provider's stock worth $2,704,000 after purchasing an additional 237 shares in the last quarter. Narus Financial Partners LLC lifted its holdings in ServiceNow by 14.7% during the third quarter. Narus Financial Partners LLC now owns 3,087 shares of the information technology services provider's stock worth $414,000 after acquiring an additional 396 shares in the last quarter. Onyx Bridge Wealth Group LLC bought a new position in ServiceNow during the third quarter worth about $254,000. Banque Pictet & Cie SA bought a new position in ServiceNow during the third quarter worth about $1,333,000. Finally, James T. Borello RIA acquired a new position in ServiceNow in the third quarter valued at about $56,000. Institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, insider Paul Fipps sold 2,034 shares of the business's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the completion of the sale, the insider owned 18,305 shares of the company's stock, valued at approximately $2,706,760.35. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline Canney sold 7,847 shares of the company's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the completion of the transaction, the insider owned 30,042 shares in the company, valued at $4,145,796. This trade represents a 20.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price target on ServiceNow from $145.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Guggenheim upgraded ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a report on Wednesday, July 1st. Sanford C. Bernstein reiterated an "outperform" rating on shares of ServiceNow in a report on Wednesday, September 9th. Robert W. Baird boosted their price objective on ServiceNow from $118.00 to $125.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Finally, KeyCorp reissued an "underweight" rating on shares of ServiceNow in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $152.29.

ServiceNow Stock Up 2.1%

NOW stock traded up $2.97 during midday trading on Monday, hitting $144.94. The company's stock had a trading volume of 5,153,384 shares, compared to its average volume of 21,512,283. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The company's fifty day moving average price is $135.20 and its 200 day moving average price is $113.73. The stock has a market capitalization of $149.87 billion, a P/E ratio of 90.59, a PEG ratio of 2.61 and a beta of 0.99. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $192.97.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.04. The business had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%. During the same period last year, the firm posted $0.81 EPS. The firm's revenue for the quarter was up 24.0% compared to the same quarter last year. As a group, equities research analysts predict that ServiceNow, Inc. will post 2.22 EPS for the current year.

ServiceNow Company Profile

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company's products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.

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