Desjardins Global Asset Management Inc. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 8.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,769 shares of the information technology services provider’s stock after selling 245 shares during the period. The holdings of Desjardins Global Asset Management Inc. in ServiceNow were worth $1,542,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. SevenOneSeven Capital Management boosted its holdings in ServiceNow by 3.0% during the fourth quarter. SevenOneSeven Capital Management now owns 621 shares of the information technology services provider’s stock valued at $403,000 after acquiring an additional 18 shares during the period. The Means Investment CO. Inc. grew its stake in ServiceNow by 0.6% during the 4th quarter. The Means Investment CO. Inc. now owns 2,842 shares of the information technology services provider’s stock valued at $1,845,000 after purchasing an additional 18 shares during the period. Rehmann Capital Advisory Group raised its position in ServiceNow by 1.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,316 shares of the information technology services provider’s stock valued at $854,000 after buying an additional 18 shares during the period. Financial Architects Inc lifted its holdings in shares of ServiceNow by 5.9% during the first quarter. Financial Architects Inc now owns 378 shares of the information technology services provider’s stock valued at $211,000 after buying an additional 21 shares during the last quarter. Finally, boosted by Equitable Holdings Inc. its position in shares of ServiceNow by 4.1% in the fourth quarter. Equitable Holdings Inc. now owns 565 shares of the information technology services provider’s stock valued at $367,000 after acquiring an additional 22 shares during the period. 87.49% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, insider Paul John Smith sold 130 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $502.81, for a total value of $65,365.30. Following the transaction, the insider now owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Paul John Smith sold 130 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $502.81, for a total value of $65,365.30. Following the transaction, the insider now owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC’s website. Also, CFO Gina Mastantuono sold 4,262 shares of ServiceNow stock in a transaction on Monday, August 29th. The stock was sold at an average price of $439.10, for a total value of $1,871,444.20. Following the sale, the chief financial officer now directly owns 4,262 shares of the company’s stock, valued at $1,871,444.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,963 shares of company stock valued at $14,374,230. 0.28% of the stock is currently owned by insiders.
Analysts Set New Price Targets
NOW has been the subject of several research reports. KeyCorp dropped their price target on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. Cowen cut their price objective on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Morgan Stanley reduced their price target on ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. Barclays cut their price target on ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Finally, Royal Bank of Canada decreased their price objective on ServiceNow from $670.00 to $610.00 in a report on Monday, July 18th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have given a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $598.84.
ServiceNow Stock Performance
NOW stock opened at $434.51 on Tuesday. The company has a 50 day moving average price of $468.08 and a 200 day moving average price of $493.68. ServiceNow, Inc. has a fifty-two week low of $406.47 and a fifty-two week high of $707.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market capitalization of $87.77 billion, a PE ratio of 477.48, a price-to-earnings-growth ratio of 8.84 and a beta of 0.94.
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, beating the consensus estimate of $0.12 by $0.08. The company had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. Business revenue for the quarter was up 24.3% on a year-over-year basis. During the same period last year, the company earned $0.38 EPS. Analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current year.
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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