Great Lakes Advisors LLC lowered its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 43.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 773 shares of the information technology services provider’s stock after selling 606 shares during the quarter. Great Lakes Advisors LLC’s holdings in ServiceNow were worth $430,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of NOW. Chilton Capital Management LLC acquired a new stake in ServiceNow during the fourth quarter valued at approximately $25,000. AHL Investment Management Inc. acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $35,000. Lee Financial Co lifted its position in shares of ServiceNow by 671.4% during the 4th quarter. Lee Financial Co now owns 54 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 47 shares during the period. 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 acquired a new stake in shares of ServiceNow in the 1st quarter valued at approximately $43,000. Institutional investors and hedge funds own 87.20% of the company’s stock.
Analyst Upgrades and Downgrades
NOW has been the subject of several research reports. Barclays dropped their price target on ServiceNow from $560.00 to $495.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. Morgan Stanley dropped their price target on ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. BMO Capital Markets decreased their price objective on ServiceNow from $595.00 to $520.00 in a report on Friday, July 15th. Cowen cut their price objective on ServiceNow from $725.00 to $695.00 in a report on Thursday, April 28th. Finally, Truist Financial cut their price objective on ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $601.80.
ServiceNow down 1.5%
Shares of NYSE:NOW opened at $487.46 on Wednesday. The company has a market cap of $98.47 billion, a P/E ratio of 535.67, a P/E/G ratio of 10.04 and a beta of 0.94. The stock’s 50-day moving average is $467.08 and its 200-day moving average is $503.34. ServiceNow, Inc. has a 52-week low of $406.47 and a 52-week 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.
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, topping analysts’ consensus estimates of $0.12 by $0.08. ServiceNow has a return on equity of 7.22% and a net margin of 2.79%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the business earned $0.38 earnings per share. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. Equities research analysts predict that ServiceNow, Inc. will post 1.73 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total transaction of $3,074,676.00. Following the sale, the director now directly owns 33,000 shares of the company’s stock, valued at $15,373,380. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total transaction of $3,074,676.00. Following the sale, the director now directly owns 33,000 shares of the company’s stock, valued at $15,373,380. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul John Smith sold 412 shares of ServiceNow stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $427.17, for a total value of $175,994.04. Following the sale, the insider now directly owns 1,755 shares in the company, valued at $749,683.35. The disclosure for this sale can be found here. Insiders have sold a total of 32,510 shares of company stock valued at $15,196,656 over the last three months. 0.28% of the stock is owned by corporate 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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