Alcosta Capital Management Inc. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 2.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,825 shares of the information technology services provider’s stock after selling 281 shares during the period. ServiceNow makes up approximately 5.5% of Alcosta Capital Management Inc.’s holdings, making the stock its 2nd biggest holding. The holdings of Alcosta Capital Management Inc. in ServiceNow were worth $7,699,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in NOW. Chilton Capital Management LLC acquired a new stake in shares of ServiceNow during the fourth quarter valued at $25,000. OLD Second National Bank of Aurora acquired a new position in ServiceNow in the first quarter valued at approximately $28,000. High Net Worth Advisory Group LLC purchased a new position in shares of ServiceNow during the first quarter valued at approximately $29,000. Delos Wealth Advisors LLC acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $40,000. Finally, GoalVest Advisory LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at about $43,000. 87.49% of the stock is currently owned by institutional investors.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, insider Lara Caimi sold 977 shares of ServiceNow stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total transaction of $503,115.92. Following the transaction, the insider now owns 43 shares of the company’s stock, valued at approximately $22,143.28. The transaction was disclosed in a document filed with the SEC, available at this hyperlink. In related news, CFO Gina Mastantuono sold 4,262 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $439.10, for a total value of $1,871,444.20. Following the completion of the sale, the chief financial officer now owns 4,262 shares of the company’s stock, valued at approximately $1,871,444.20. The sale was disclosed in a document filed with the SEC, available at this link. Also, insider Lara Caimi sold 977 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total value of $503,115.92. Following the sale, the insider now directly owns 43 shares of the company’s stock, valued at approximately $22,143.28. The disclosure for this sale can be found here. Insiders have sold a total of 30,256 shares of company stock valued at $14,019,372 over the last 90 days. 0.28% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on NOW. UBS Group dropped their price target on ServiceNow from $540.00 to $515.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Piper Sandler cut their price objective on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. KeyCorp lowered their price target on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Guggenheim initiated coverage on ServiceNow in a report on Friday, August 12th. They set a “neutral” rating and a $510.00 target price on the stock. Finally, Cowen lowered their price target on ServiceNow from $590.00 to $580.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Two 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $598.84.
ServiceNow Trading Up 4.3 %
NYSE:NOW opened at $470.03 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a fifty-two week low of $406.47 and a fifty-two week high of $707.60. The stock’s 50-day moving average is $462.03 and its two-hundred-day moving average is $487.47. The stock has a market cap of $94.95 billion, a PE ratio of 516.52, a price-to-earnings-growth ratio of 9.04 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.76 billion. In the same quarter last year, the business posted $0.38 EPS. Business revenue for the quarter was up 24.3% on a year-over-year basis. As a group, equities research analysts predict that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
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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