People’s United Financial Inc. reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 12.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 611 shares of the information technology services provider’s stock after selling 83 shares during the quarter. Holdings of People’s United Financial Inc. in ServiceNow were worth $340,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of NOW. Raised by Hillsdale Investment Management Inc. its position in ServiceNow by 130.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 184 shares of the information technology services provider’s stock valued at $119,000 after acquiring an additional 104 shares in the last quarter. Raised by Benjamin F. Edwards & Company Inc. its position in ServiceNow by 10.2% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 507 shares of the information technology services provider’s stock valued at $329,000 after acquiring an additional 47 shares in the last quarter. M&T Bank Corp raised its position in ServiceNow by 0.7% in the fourth quarter. M&T Bank Corp now owns 23,355 shares of the information technology services provider’s stock valued at $15,159,000 after acquiring an additional 173 shares in the last quarter. NorthRock Partners LLC raised its position in ServiceNow by 68.8% in the fourth quarter. NorthRock Partners LLC now owns 562 shares of the information technology services provider’s stock valued at $365,000 after acquiring an additional 229 shares during the last quarter. Finally, Claraphi Advisory Network LLC raised its position in ServiceNow by 11.8% in the fourth quarter. Claraphi Advisory Network LLC now owns 598 shares of the information technology services provider’s stock valued at $388,000 after acquiring an additional 63 shares during the last quarter. 87.20% of the stock is currently owned by institutional investors.
ServiceNow Stock Drops 2.7%
NOW opened at $476.26 on Friday. The business has a 50 day moving average price of $467.79 and a 200 day moving average price of $501.30. ServiceNow, Inc. has a twelve month low of $406.47 and a twelve month high of $707.60. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $96.20 billion, a P/E ratio of 523.36, a price-to-earnings-growth ratio of 9.92 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The company had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s quarterly revenue was up 24.3% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 1.73 EPS for the current year.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on NOW shares. Credit Suisse Group dropped their price target on ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Wells Fargo & Company dropped their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research note on Monday, July 25th. Guggenheim started coverage on ServiceNow in a research note on Friday, August 12th. They issued a “neutral” rating and a $510.00 target price on the stock. BMO Capital Markets dropped their price target on ServiceNow from $595.00 to $520.00 in a research note on Friday, July 15th. Finally, Piper Sandler lowered their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Two 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $598.84.
ServiceNow Insider Transactions
In other news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the completion of the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at $18,613,729.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the completion of the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at $18,613,729.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul John Smith sold 411 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $482.95, for a total value of $198,492.45. Following the completion of the transaction, the insider now owns 2,467 shares of the company’s stock, valued at $1,191,437.65. The disclosure for this sale can be found here. Insiders sold a total of 34,427 shares of company stock valued at $16,189,898 over the last three months. 0.28% of the stock is currently owned by insiders.
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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