Oppenheimer & Co. reduced Inc. its stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 18.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,823 shares of the information technology services provider’s stock after selling 1,109 shares during the period. The holdings of Oppenheimer & Co. Inc. in ServiceNow were worth $2,686,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their stock positions. Thornburg Investment Management Inc. raised its position in shares of ServiceNow by 8.3% during the first quarter. Thornburg Investment Management Inc. now owns 8,119 shares of the information technology services provider’s stock valued at $4,521,000 after acquiring an additional 619 shares during the last quarter. Breakline Capital LLC purchased a new position in ServiceNow in the first quarter valued at $2,800,000. Cambridge Trust Co. grew its position in ServiceNow by 1.7% in the first quarter. Cambridge Trust Co. now owns 32,037 shares of the information technology services provider’s stock valued at $17,841,000 after buying an additional 545 shares during the last quarter. Twin Lakes Capital Management LLC grew its position in ServiceNow by 0.4% in the first quarter. Twin Lakes Capital Management LLC now owns 6,564 shares of the information technology services provider’s stock worth $3,655,000 after buying an additional 28 shares in the last quarter. Finally, King Luther Capital Management Corp boosted its position in ServiceNow by 7.7% in the first quarter. King Luther Capital Management Corp now owns 840 shares of the information technology services provider’s stock valued at $468,000 after buying an additional 60 shares in the last quarter. Institutional investors own 87.49% of the company’s stock.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, insider Lara Caimi sold 977 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total amount of $503,115.92. Following the transaction, the insider now directly owns 43 shares of the company’s stock, valued at approximately $22,143.28. The transaction was disclosed in a legal filing with the SEC, available through this link. In related news, insider Nicholas Tzitzon sold 2,822 shares of ServiceNow stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $438.75, for a total transaction of $1,238,152.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC’s website. Also, insider Lara Caimi sold 977 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total transaction of $503,115.92. Following the sale, the insider now directly owns 43 shares in the company, valued at $22,143.28. The disclosure for this sale can be found here. Insiders have sold a total of 26,701 shares of company stock valued at $12,502,785 over the last ninety days. 0.28% of the stock is currently owned by company insiders.
ServiceNow Price Performance
NOW stock opened at $435.78 on Tuesday. The company has a quick ratio of 1.12, a current 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. The company has a market cap of $88.03 billion, a P/E ratio of 478.88, a P/E/G ratio of 9.05 and a beta of 0.94. The company’s 50-day moving average price is $468.93 and its two-hundred-day moving average price is $494.50.
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. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company earned $0.38 EPS. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. On average, analysts expect that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
Changes in Analyst Ratings
Several research firms recently weighed in on NOW. Truist Financial reduced their price target on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Royal Bank of Canada decreased their price target on shares of ServiceNow from $670.00 to $610.00 in a research report on Monday, July 18th. 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 research report on Thursday, July 28th. Credit Suisse Group decreased their price objective on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Finally, Wells Fargo & Company decreased their price objective on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Two equities research 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 an average rating of “Moderate Buy” and a consensus price target of $598.84.
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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