Townsquare Capital LLC Sells 1,975 Shares of ServiceNow, Inc. (NYSE:NOW)

Townsquare Capital LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,660 shares of the information technology services provider’s stock after selling 1,975 shares during the quarter. ServiceNow makes up approximately 0.7% of Townsquare Capital LLC’s holdings, making the stock its 28th largest holding. Townsquare Capital LLC’s holdings in ServiceNow were worth $55,148,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of NOW. Creekmur Asset Management LLC bought a new stake in shares of ServiceNow during the 1st quarter valued at $25,000. Truvestments Capital LLC purchased a new position in shares of ServiceNow in the third quarter worth $30,000. Versant Capital Management Inc boosted its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares during the last quarter. DT Investment Partners LLC lifted its stake in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. Finally, EntryPoint Capital LLC grew its stake in shares of ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NOW stock opened at $1,070.07 on Wednesday. The firm has a market cap of $220.43 billion, a price-to-earnings ratio of 166.42, a PEG ratio of 6.04 and a beta of 0.98. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,072.84. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The business’s fifty day simple moving average is $955.40 and its two-hundred day simple moving average is $841.01.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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 net margin of 12.77% and a return on equity of 16.03%. The company 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 earned $1.21 EPS. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,787 shares of company stock worth $17,841,028 in the last ninety days. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on NOW. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Piper Sandler boosted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Robert W. Baird upped their price objective on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Citigroup lifted their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Stifel Nicolaus raised their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $989.07.

About ServiceNow

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.