Raymond James & Associates Lowers Position in ServiceNow, Inc. (NYSE:NOW)

Raymond James & Associates lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 323,082 shares of the information technology services provider's stock after selling 8,324 shares during the period. Raymond James & Associates owned approximately 0.16% of ServiceNow worth $246,317,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NOW. PFG Private Wealth Management LLC purchased a new position in shares of ServiceNow during the 3rd quarter valued at about $28,000. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of ServiceNow during the 4th quarter valued at about $29,000. AdvisorNet Financial Inc raised its holdings in shares of ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider's stock valued at $31,000 after buying an additional 32 shares in the last quarter. Steward Financial Group LLC raised its holdings in shares of ServiceNow by 125.0% during the 3rd quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider's stock valued at $35,000 after buying an additional 35 shares in the last quarter. Finally, Princeton Global Asset Management LLC purchased a new position in shares of ServiceNow during the 3rd quarter valued at about $35,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 1.0 %

NOW stock traded up $7.30 during midday trading on Friday, hitting $723.55. The stock had a trading volume of 1,445,884 shares, compared to its average volume of 1,087,368. The firm has a market cap of $148.60 billion, a price-to-earnings ratio of 77.39, a price-to-earnings-growth ratio of 4.57 and a beta of 0.97. The business has a 50-day moving average of $759.21 and a two-hundred day moving average of $710.01. ServiceNow, Inc. has a 52-week low of $427.68 and a 52-week high of $815.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.06.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.34. The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.40 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The firm's revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 earnings per share. As a group, equities research analysts forecast that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul John Smith sold 1,180 shares of the company's stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now directly owns 1,392 shares of the company's stock, valued at $1,067,831.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Paul John Smith sold 1,180 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total transaction of $905,201.60. Following the sale, the insider now directly owns 1,392 shares of the company's stock, valued at approximately $1,067,831.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now directly owns 17,177 shares of the company's stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock valued at $9,940,303 over the last ninety days. Company insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NOW. The Goldman Sachs Group raised their price objective on ServiceNow from $800.00 to $910.00 and gave the company a "buy" rating in a report on Thursday, January 25th. StockNews.com cut ServiceNow from a "buy" rating to a "hold" rating in a research note on Friday. Truist Financial lifted their price target on ServiceNow from $700.00 to $750.00 and gave the stock a "hold" rating in a research note on Thursday, January 25th. Barclays lifted their price target on ServiceNow from $765.00 to $870.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 23rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $900.00 price target on shares of ServiceNow in a research note on Thursday. Four analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $792.00.

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.

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