The NWK Group Inc. has cut its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 1.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,566 shares of the information technology services provider’s stock after selling 244 shares during the period. ServiceNow makes up about 5.0% of NWK Group Inc.’s investment portfolio, making the stock its 5th biggest position. The holdings of NWK Group Inc. in ServiceNow were worth $9,225,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the stock. Edgewood Management LLC purchased a new position in ServiceNow in the 1st quarter valued at approximately $1,515,281,000. Norges Bank purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC raised its position in shares of ServiceNow by 57.9% in the first quarter. Fisher Asset Management LLC now owns 1,413,079 shares of the information technology services provider’s stock valued at $786,930,000 after buying an additional 518,349 shares during the period. The Vanguard Group Inc. raised its position in shares of ServiceNow by 1.9% in the first quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after buying an additional 306,106 shares during the period. Finally, Nuveen Asset Management LLC increased its position in shares of ServiceNow by 11.7% during the fourth quarter. Nuveen Asset Management LLC now owns 2,925,155 shares of the information technology services provider’s stock valued at $1,898,748,000 after purchasing an additional 305,908 shares during the period. 87.49% of the stock is owned by institutional investors.
ServiceNow Trading Up 4.3 %
NYSE NOW opened at $470.03 on Friday. The stock has a 50-day simple moving average of $462.03 and a 200-day simple moving average of $487.47. The company has a market capitalization of $94.95 billion, a PE ratio of 516.52, a P/E/G ratio of 9.17 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, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27. The information technology services provider reported $0.20 EPS for the quarter, beating the consensus estimates of analysts $0.12 of $0.08. The business had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The company’s revenue rose 24.3% on a year-over-year basis. In the same quarter last year, the company posted $0.38 earnings per share. Research analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current year.
Analysts Set New Price Targets
A number of analysts have recently issued reports on the company. Truist Financial dropped their price objective on ServiceNow from $600.00 to $550.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Stifel Nicolaus dropped their price objective on ServiceNow from $650.00 to $550.00 in a research report on Wednesday, May 25th. Morgan Stanley dropped their price objective on ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. Canaccord Genuity Group dropped their price objective on ServiceNow from $615.00 to $510.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Finally, Sanford C. Bernstein assumed coverage on ServiceNow in a research note on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have given a buy rating to the stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $598.84.
ServiceNow Insider Activity
In related news, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction dated Thursday, July 7th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC website. In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction dated Thursday, July 7th. The stock was 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 directly owns 33,600 shares in the company, valued at $16,699,536. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. Also, insider Lara Caimi sold 977 shares of the stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total value of $503,115.92. Following the completion of the sale, the insider now owns 43 shares of the company’s stock, valued at $22,143.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,256 shares of company stock worth $14,019,372. 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.
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