FinTrust Capital Advisors LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 82.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 463 shares of the information technology services provider’s stock after purchasing an additional 209 shares during the period. FinTrust Capital Advisors LLC’s holdings in ServiceNow were worth $258,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in ServiceNow during the fourth quarter valued at $1,117,096,000. Allspring Global Investments Holdings LLC bought a new stake in ServiceNow in the fourth quarter valued at $400,884,000. Fisher Asset Management LLC lifted its position in ServiceNow by 164.8% in the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock valued at $580,778,000 after acquiring an additional 556,871 shares during the last quarter. Raised by TD Asset Management Inc. its position in ServiceNow by 84.7% in the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after acquiring an additional 553,517 shares during the last quarter. Finally, Brown Advisory Inc. lifted. its position in ServiceNow by 16.6% in the fourth quarter. Brown Advisory Inc. now owns 2,480,958 shares of the information technology services provider’s stock valued at $1,610,414,000 after acquiring an additional 352,766 shares during the last quarter. 87.20% of the stock is owned by hedge funds and other institutional investors.
ServiceNow Stock Drops 2.9%
Shares of NYSE NOW opened at $446.77 on Friday. ServiceNow, Inc. has a 12-month low of $406.47 and a 12-month high of $707.60. The company has a market capitalization of $89.56 billion, a PE ratio of 406.15, a price-to-earnings-growth ratio of 9.08 and a beta of 1.03. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.12 and a quick ratio of 1.12. The company’s 50-day moving average is $462.48 and its two-hundred-day moving average is $510.11.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings results on Wednesday, April 27th. The information technology services provider reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.13. ServiceNow has a net margin of 3.56% and a return on equity of 8.66%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. In the same quarter last year, the company earned $0.50 earnings per share. The company’s revenue for the quarter was up 26.6% compared to the same quarter last year. Equities analysts expect ServiceNow, Inc. will post 1.71 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of ServiceNow from $700.00 to $550.00 in a research report on Monday, May 23rd. Truist Financial decreased their price target on shares of ServiceNow from $700.00 to $600.00 in a report on Tuesday, May 10th. Wells Fargo & Company assumed coverage on shares of ServiceNow in a report on Wednesday, May 18th. They issued an “overweight” rating and a $600.00 target price for the company. Exane BNP Paribas cut shares of ServiceNow from a “neutral” rating to an “underperform” rating in a report on Tuesday, March 29th. Finally, Royal Bank of Canada reduced their price target on shares of ServiceNow from $670.00 to $610.00 in a report on Monday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $624.81.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $477.52, for a total amount of $3,342,640.00. Following the sale, the chief operating officer now owns 38,980 shares of the company’s stock, valued at $18,613,729.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Christopher Bedi sold 495 shares of the company’s stock in a transaction that occurred on Friday, April 29th. The shares were sold at an average price of $489.18, for a total transaction of $242,144.10. Following the transaction, the insider now owns 12,977 shares of the company’s stock, valued at $6,348,088.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible through this link. Also, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at approximately $18,613,729.60. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock worth $8,503,327 in the last quarter. Corporate insiders own 0.28% of the company’s stock.
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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