Principal Street Partners LLC Sells 531 Shares of ServiceNow, Inc. (NYSE:NOW)

Principal Street Partners LLC lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 33.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,071 shares of the information technology services provider’s stock after selling 531 shares during the period. Principal Street Partners LLC’s holdings in ServiceNow were worth $937,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOW. International Assets Investment Management LLC increased its holdings in shares of ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Swedbank AB bought a new position in ServiceNow in the 1st quarter valued at $897,908,000. Bank of Montreal Can raised its holdings in ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after purchasing an additional 935,848 shares during the last quarter. FMR LLC lifted its position in ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares during the period. Finally, AustralianSuper Pty Ltd acquired a new stake in shares of ServiceNow during the 2nd quarter worth approximately $218,786,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NOW has been the topic of several analyst reports. UBS Group increased their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. raised their price target on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Scotiabank started coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. Sanford C. Bernstein raised their target price on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Citigroup upped their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $989.07.

ServiceNow Trading Down 0.7 %

Shares of NOW stock opened at $1,052.71 on Tuesday. The firm has a 50 day moving average price of $951.73 and a two-hundred day moving average price of $838.61. The company has a market capitalization of $216.86 billion, a PE ratio of 163.74, a price-to-earnings-growth ratio of 6.09 and a beta of 0.98. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,068.88. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the company posted $1.21 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,787 shares of company stock valued at $17,841,028 in the last ninety days. 0.25% of the stock is currently owned by company insiders.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.