Financial Advocates Investment Management reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 24.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 814 shares of the information technology services provider’s stock after selling 260 shares during the quarter. Financial Advocates Investment Management’s holdings in ServiceNow were worth $454,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Raised by Benjamin F. Edwards & Company Inc. its stake in ServiceNow by 10.2% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 507 shares of the information technology services provider’s stock valued at $329,000 after purchasing an additional 47 shares during the period. Keybank National Association OH lifted its stake in ServiceNow by 1.7% during the 4th quarter. Keybank National Association OH now owns 11,896 shares of the information technology services provider’s stock valued at $7,722,000 after buying an additional 201 shares during the period. Savant Capital LLC raised its stake in ServiceNow by 24.5% during the 4th quarter. Savant Capital LLC now owns 600 shares of the information technology services provider’s stock valued at $389,000 after buying an additional 118 shares during the period. ProShare Advisors LLC lifted its stake in ServiceNow by 33.3% during the 4th quarter. ProShare Advisors LLC now owns 54,405 shares of the information technology services provider’s stock valued at $35,315,000 after buying an additional 13,603 shares during the period. Finally, Profund Advisors LLC raised its stake in ServiceNow by 10.3% during the 4th quarter. Profund Advisors LLC now owns 3,873 shares of the information technology services provider’s stock valued at $2,514,000 after buying an additional 362 shares during the period. Institutional investors own 87.20% of the company’s stock.
ServiceNow Insider Transactions
In other news, General Counsel Russell S. Elmer sold 758 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $486.36, for a total value of $368,660.88. Following the completion of the transaction, the general counsel now directly owns 9,293 shares of the company’s stock, valued at approximately $4,519,743.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Lara Caimi sold 726 shares of the business’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $474.48, for a total value of $344,472.48. Following the completion of the transaction, the insider now directly owns 99 shares of the company’s stock, valued at approximately $46,973.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 758 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $486.36, for a total value of $368,660.88. Following the transaction, the general counsel now directly owns 9,293 shares in the company, valued at $4,519,743.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,427 shares of company stock valued at $16,189,898. Corporate insiders own 0.28% of the company’s stock.
Wall Street Analysts’ Growth Forecast
A number of analysts have issued reports on the company. Guggenheim assumed coverage on ServiceNow in a research note on Friday, August 12th. They issued a “neutral” rating and a $510.00 price objective on the stock. Morgan Stanley reduced their price objective on ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. Cowen decreased their price objective on ServiceNow from $725.00 to $695.00 in a research note on Thursday, April 28th. TheStreet lowered ServiceNow from a “b-” rating to a “c+” rating in a research note on Tuesday, April 26th. Finally, KeyCorp reduced their price objective on ServiceNow from $567.00 to $520.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $598.84.
ServiceNow Price Performance
Shares of NOW stock opened at $476.26 on Monday. ServiceNow, Inc. has a twelve month low of $406.47 and a twelve month high of $707.60. The stock has a market capitalization of $96.20 billion, a price-to-earnings ratio of 523.36, a P/E/G ratio of 9.69 and a beta of 0.94. The stock has a fifty day simple moving average of $467.79 and a two hundred day simple moving average of $500.32. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the business earned $0.38 EPS. Business revenue for the quarter was up 24.3% compared to the same quarter last year. On average, analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
ServiceNow Company Profile
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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