ServiceNow, Inc. (NYSE:NOW) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. reduced its position in ServiceNow, Inc. (NYSE:NOW) by 19.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,462 shares of the information technology services provider’s stock after selling 2,939 shares during the period. QRG Capital Management Inc.’s holdings in ServiceNow were worth $11,146,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the 1st quarter worth about $25,000. Versant Capital Management Inc boosted its holdings in ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 28 shares during the last quarter. DT Investment Partners LLC boosted its holdings in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the last quarter. EntryPoint Capital LLC lifted its holdings in ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after buying an additional 39 shares during the last quarter. Finally, Ridgewood Investments LLC bought a new position in ServiceNow during the 2nd quarter worth approximately $32,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NOW. Stifel Nicolaus raised their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Canaccord Genuity Group raised their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Citigroup lifted their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Morgan Stanley downgraded 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. Finally, JMP Securities boosted their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $970.33.

ServiceNow Stock Performance

NYSE:NOW opened at $954.59 on Tuesday. The company has a market cap of $196.65 billion, a price-to-earnings ratio of 148.46, a PEG ratio of 5.41 and a beta of 0.98. ServiceNow, Inc. has a 1 year low of $602.45 and a 1 year high of $979.78. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock’s 50 day simple moving average is $899.43 and its two-hundred day simple moving average is $806.07.

ServiceNow (NYSE:NOW) last announced its 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. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.21 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 187 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the sale, the insider now owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $795.58, for a total transaction of $148,773.46. Following the transaction, the insider now owns 3,779 shares of the company’s stock, valued at $3,006,496.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,530 shares of company stock worth $2,939,955 in the last 90 days. Corporate insiders own 0.25% of the company’s stock.

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.