Pinnacle Associates Ltd. Sells 904 Shares of ServiceNow, Inc. (NYSE:NOW)

Pinnacle Associates Ltd. decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 30.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,113 shares of the information technology services provider’s stock after selling 904 shares during the period. Pinnacle Associates Ltd.’s holdings in ServiceNow were worth $1,890,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of NOW. International Assets Investment Management LLC grew 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 worth $1,059,912,000 after acquiring an additional 1,183,739 shares during the period. Swedbank AB bought a new stake in shares of ServiceNow in the first quarter worth $897,908,000. Vanguard Group Inc. grew its holdings in shares of ServiceNow by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after acquiring an additional 331,797 shares during the period. AustralianSuper Pty Ltd bought a new stake in shares of ServiceNow in the second quarter worth $218,786,000. Finally, Acadian Asset Management LLC grew its holdings in shares of ServiceNow by 233.4% in the first quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after acquiring an additional 271,073 shares during the period. Institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the transaction, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the transaction, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Paul Edward Chamberlain sold 135 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total value of $110,970.00. Following the transaction, the director now directly owns 10,767 shares in the company, valued at approximately $8,850,474. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,530 shares of company stock valued at $2,939,955 over the last ninety days. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. JMP Securities boosted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their price target on ServiceNow from $1,025.00 to $1,050.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. BMO Capital Markets boosted their price target on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Finally, Mizuho boosted their price target on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $970.33.

ServiceNow Trading Up 1.1 %

Shares of NYSE NOW opened at $943.41 on Friday. The business’s 50 day moving average is $896.89 and its two-hundred day moving average is $803.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 1-year low of $592.48 and a 1-year high of $979.78. The stock has a market capitalization of $194.34 billion, a P/E ratio of 146.72, a PEG ratio of 5.45 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping 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 company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the firm posted $1.21 earnings per share. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, research analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

ServiceNow Company 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.