Summit Global Investments Lowers Stock Position in ServiceNow, Inc. (NYSE:NOW)

Summit Global Investments decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,501 shares of the information technology services provider's stock after selling 321 shares during the quarter. Summit Global Investments' holdings in ServiceNow were worth $1,195,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in ServiceNow by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock worth $20,353,517,000 after buying an additional 190,430 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. FMR LLC boosted its stake in shares of 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 purchasing an additional 272,506 shares during the period. Geode Capital Management LLC grew its holdings in ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock valued at $4,560,890,000 after purchasing an additional 100,670 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

NOW has been the subject of several recent analyst reports. Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price objective on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. TD Securities reaffirmed a "buy" rating and issued a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Jefferies Financial Group decreased their target price on 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. Finally, BMO Capital Markets boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $1,062.50.

ServiceNow Stock Down 0.3%

NYSE NOW traded down $3.43 during trading on Friday, hitting $1,011.80. The company's stock had a trading volume of 2,663,194 shares, compared to its average volume of 1,505,352. ServiceNow, Inc. has a fifty-two week low of $645.45 and a fifty-two week high of $1,198.09. The company has a market cap of $209.43 billion, a PE ratio of 148.14, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business's 50 day simple moving average is $899.20 and its 200-day simple moving average is $974.75.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the business earned $3.41 EPS. ServiceNow's revenue for the quarter was up 18.6% on a year-over-year basis. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 62 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,431,636. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan Chadwick sold 770 shares of the company's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the completion of the sale, the director now directly owns 3,205 shares in the company, valued at $2,985,842.10. This trade represents a 19.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,102 shares of company stock valued at $2,944,038 over the last ninety days. 0.38% of the stock is currently 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.