Townsquare Capital LLC Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Townsquare Capital LLC has reduced its holdings in ServiceNow, Inc. by 34.0%, now owning 33,421 shares valued at approximately $26.6 million.
• Analysts have mixed views on ServiceNow, with target prices ranging from $724.00 (sell) to $1,100.00 (outperform), indicating varied expectations on its future performance.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, surpassing the consensus estimate by $0.52, and showing a 22.4% increase in revenue compared to the previous year.

Townsquare Capital LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 34.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,421 shares of the information technology services provider's stock after selling 17,185 shares during the period. Townsquare Capital LLC's holdings in ServiceNow were worth $26,607,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after acquiring an additional 30 shares during the last quarter. FIL Ltd raised its position in ServiceNow by 22.0% in the fourth quarter. FIL Ltd now owns 561 shares of the information technology services provider's stock valued at $595,000 after purchasing an additional 101 shares during the period. Texas Yale Capital Corp. lifted its stake in ServiceNow by 0.9% during the fourth quarter. Texas Yale Capital Corp. now owns 2,341 shares of the information technology services provider's stock worth $2,482,000 after purchasing an additional 20 shares in the last quarter. CenterBook Partners LP boosted its position in shares of ServiceNow by 380.7% during the fourth quarter. CenterBook Partners LP now owns 3,230 shares of the information technology services provider's stock worth $3,424,000 after buying an additional 2,558 shares during the period. Finally, Scotia Capital Inc. grew its stake in shares of ServiceNow by 4.4% in the fourth quarter. Scotia Capital Inc. now owns 24,752 shares of the information technology services provider's stock valued at $26,241,000 after buying an additional 1,034 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on NOW. Guggenheim reissued a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the company an "outperform" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. cut their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Canaccord Genuity Group decreased their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and upped their price objective for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

Shares of NOW stock opened at $872.31 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $181.44 billion, a price-to-earnings ratio of 109.86, a price-to-earnings-growth ratio of 4.11 and a beta of 0.93. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a 50 day moving average price of $985.72 and a 200 day moving average price of $946.30.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the previous year, the company earned $3.13 EPS. The business's quarterly revenue was up 22.4% compared to the same quarter last year. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity

In other news, insider Jacqueline P. Canney sold 145 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 value of $147,900.00. Following the completion of the transaction, the insider directly owned 3,027 shares in the company, valued at approximately $3,087,540. This represents a 4.57% 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 this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction dated 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 directly owned 3,000 shares of the company's stock, valued at approximately $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,250 shares of company stock worth $5,318,667. Insiders own 0.38% of the company's stock.

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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