Money Concepts Capital Corp reduced its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 38.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 288 shares of the information technology services provider’s stock after selling 181 shares during the quarter. Money Concepts Capital Corp’s holdings in ServiceNow were worth $139,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC bought a new stake in ServiceNow during the 4th quarter valued at $25,000. OLD Second National Bank of Aurora purchased a new stake in ServiceNow during the 1st quarter valued at $28,000. High Net Worth Advisory Group LLC purchased a new stake in ServiceNow during the 1st quarter valued at $29,000. GoalVest Advisory LLC purchased a new position in ServiceNow in the 1st quarter valued at $43,000. Finally, Core Alternative Capital raised its holdings in ServiceNow by 310.5% in the 1st quarter. Core Alternative Capital now owns 78 shares of the information technology services provider’s stock valued at $43,000 after buying an additional 59 shares in the last quarter. 87.49% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have commented on NOW. Barclays reduced their price objective on shares of ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Truist Financial reduced 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. KeyCorp reduced their price objective on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Sanford C. Bernstein assumed coverage on shares of ServiceNow in a report on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 price objective for the company. Finally, BMO Capital Markets reduced their price target on shares of ServiceNow from $595.00 to $520.00 in a research note on Friday, July 15th. 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $593.29.
ServiceNow Stock Performance
NOW opened at $377.61 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. The company has a market cap of $76.28 billion, a price-to-earnings ratio of 414.96, a PEG ratio of 7.91 and a beta of 0.94. The company’s 50 day moving average is $447.25 and its 200 day moving average is $473.38. ServiceNow, Inc. has a 12-month low of $367.71 and a 12-month high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company’s revenue increased by 24.3% compared to the same quarter last year. In the same quarter last year, the company posted $0.38 earnings per share. On average, equities research analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current year.
Insider Buying and Selling
In related news, insider Nicholas Tzitzon sold 2,822 shares of the firm’s stock in a transaction that occurred 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 filing with the SEC, which is available at this hyperlink. In other news, General Counsel Russell S. Elmer sold 4,812 shares of ServiceNow stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $438.99, for a total transaction of $2,112,419.88. Following the sale, the general counsel now owns 9,293 shares in the company, valued at $4,079,534.07. The transaction was disclosed in a document filed with the SEC, available at this link. Also, insider Nicholas Tzitzon sold 2,822 shares of the business’s stock in a transaction on Friday, July 29th. The stock was 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. In the last quarter, insiders sold 32,922 shares of company stock valued at $15,146,557. 0.28% of the stock is owned by insiders.
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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