First Citizens Bank & Trust Co. purchased of a new stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 888 shares of the information technology services provider’s stock, valued at approximately $422,000.
Several other large investors have also recently added to or reduced their stakes in NOW. Raised by Loomis Sayles & Co. LP lifted its stake in ServiceNow by 201.3% during the 4th quarter. Loomis Sayles & Co. LP now owns 1,151 shares of the information technology services provider’s stock valued at $747,000 after buying an additional 769 shares during the period. Mather Group LLC. raised its stake in ServiceNow by 78.2% during the 4th quarter. Mather Group LLC. now owns 1,998 shares of the information technology services provider’s stock valued at $1,297,000 after buying an additional 877 shares during the period. Raised by BOK Financial Private Wealth Inc. its stake in ServiceNow by 26.1% during the 4th quarter. BOK Financial Private Wealth Inc. now owns 899 shares of the information technology services provider’s stock valued at $584,000 after buying an additional 186 shares during the period. Belpointe Asset Management LLC lifted its stake in ServiceNow by 7.3% during the 4th quarter. Belpointe Asset Management LLC now owns 2,211 shares of the information technology services provider’s stock valued at $1,435,000 after buying an additional 150 shares during the period. Finally, HM Payson & Co. raised. its stake in ServiceNow by 16.2% in the 4th quarter. HM Payson & Co. now owns 645 shares of the information technology services provider’s stock valued at $419,000 after buying an additional 90 shares during the period. 87.49% of the stock is owned by institutional investors and hedge funds.
ServiceNow Stock Drops 4.1%
Shares of NOW opened at $401.21 on Friday. The company has a 50-day simple moving average of $444.23 and a 200-day simple moving average of $466.98. The company has a market capitalization of $81.04 billion, a P/E ratio of 440.89, a P/E/G ratio of 8.15 and a beta of 0.98. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow, Inc. has a 52 week low of $367.71 and a 52 week high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (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 in the quarter, compared to analyst estimates of $1.76 billion. In the same quarter last year, the business posted $0.38 earnings per share. The company’s quarterly revenue was up 24.3% compared to the same quarter last year. On average, equities research analysts expect that ServiceNow, Inc. will post 1.73 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on NOW shares. Cowen lowered their price target on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Citigroup dropped their price target on shares of ServiceNow from $600.00 to $575.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Sanford C. Bernstein began coverage on shares of ServiceNow in a report on Tuesday, July 19th. They set an “outperform” rating and a $646.00 target price on the stock. Moffett Nathanson initiated coverage on shares of ServiceNow in a report on Thursday, September 22nd. They set a “hold” rating and a $553.00 target price on the stock. Finally, Wells Fargo & Company 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 Monday, July 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $593.29.
Insider Buying and Selling
In related news, General Counsel Russell S. Elmer sold 2,666 shares of the stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $422.80, for a total value of $1,127,184.80. Following the completion of the transaction, the general counsel now owns 6,627 shares of the company’s stock, valued at $2,801,895.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 2,666 shares of the company’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $422.80, for a total transaction of $1,127,184.80. Following the sale, the general counsel now directly owns 6,627 shares of the company’s stock, valued at $2,801,895.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available through this link. Also, Director Lawrence Jackson sold 707 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was traded at an average price of $446.40, for a total transaction of $315,604.80. Following the sale, the director now directly owns 660 shares in the company, valued at $294,624. The disclosure for this sale can be found here. Insiders sold 26,322 shares of company stock worth $11,866,291 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.
Further Reading
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