ServiceNow, Inc. (NYSE:NOW – Get Rating) was the recipient of a significant increase in short interest in August. As of August 15th, there was short interest totaling 3,870,000 shares, a growth of 21.3% from the July 31st total of 3,190,000 shares. Based on average daily trading volume, which is 1,710,000 shares, the short-interest ratio is currently 2.3 days.
ServiceNow Trading rose 0.2%
Shares of NOW traded up $1.06 during mid-day trading on Tuesday, reaching $436.84. The company’s stock had a trading volume of 960,322 shares, compared to its average volume of 1,756,825. The stock has a market cap of $88.24 billion, a PE ratio of 480.04, a P/E/G ratio of 9.05 and a beta of 0.94. 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 has a 52 week low of $406.47 and a 52 week high of $707.60. The company’s fifty day moving average price is $468.93 and its two hundred day moving average price is $494.50.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. On average, analysts predict that ServiceNow will post 1.72 earnings per share for the current fiscal year.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, insider Nicholas Tzitzon sold 2,822 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $438.75, for a total value of $1,238,152.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC’s website. In other news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the sale, the director now owns 33,600 shares in the company, valued at $16,699,536. The sale was disclosed in a filing with the SEC, which is accessible through the SEC’s website. Also, insider Nicholas Tzitzon sold 2,822 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $438.75, for a total transaction of $1,238,152.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,701 shares of company stock valued at $12,502,785. Corporate insiders own 0.28% of the company’s stock.
Institutional Entry and Exit
Several hedge funds have recently made changes to their positions in the company. Verition Fund Management LLC increased its stake in shares of ServiceNow by 1,980.8% in the second quarter. Verition Fund Management LLC now owns 3,683 shares of the information technology services provider’s stock valued at $1,751,000 after buying an additional 3,506 shares during the period. Captrust Financial Advisors increased its stake in shares of ServiceNow by 27.8% in the second quarter. Captrust Financial Advisors now owns 6,088 shares of the information technology services provider’s stock valued at $2,895,000 after buying an additional 1,323 shares during the period. Legal & General Group Plc increased its position in ServiceNow by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 1,403,888 shares of the information technology services provider’s stock valued at $667,577,000 after purchasing an additional 58,756 shares during the period. ExodusPoint Capital Management LP raised its position in ServiceNow by 35.2% during the 2nd quarter. ExodusPoint Capital Management LP now owns 26,497 shares of the information technology services provider’s stock valued at $12,600,000 after purchasing an additional 6,899 shares during the period. Finally, CNB Bank raised its position in ServiceNow by 6.4% during the 2nd quarter. CNB Bank now owns 1,736 shares of the information technology services provider’s stock valued at $825,000 after buying an additional 105 shares during the period. 87.49% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts weigh in
A number of analysts recently issued reports on NOW shares. Morgan Stanley decreased their price objective on shares of ServiceNow from $594.00 to $575.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. Truist Financial decreased their price objective on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Mizuho decreased their price objective on shares of ServiceNow from $520.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Piper Sandler reduced their price objective on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Finally, Jefferies Financial Group decreased their price objective on shares of ServiceNow from $700.00 to $550.00 in a report on Monday, May 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-nine have given a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $598.84.
About ServiceNow
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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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