ServiceNow, Inc. (NYSE:NOW) Shares Sold by South Street Advisors LLC

South Street Advisors LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,306 shares of the information technology services provider’s stock after selling 1,284 shares during the quarter. ServiceNow comprises approximately 3.2% of South Street Advisors LLC’s investment portfolio, making the stock its 12th largest holding. South Street Advisors LLC’s holdings in ServiceNow were worth $20,845,000 at the end of the most recent quarter.

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

ServiceNow Trading Down 2.7 %

Shares of NYSE:NOW traded down $28.41 during midday trading on Friday, reaching $1,011.39. 1,498,472 shares of the company’s stock were exchanged, compared to its average volume of 1,281,121. The firm’s 50 day simple moving average is $932.47 and its two-hundred day simple moving average is $823.24. 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 has a market cap of $208.35 billion, a price-to-earnings ratio of 157.29, a P/E/G ratio of 6.00 and a beta of 0.98. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period last year, the business posted $1.21 EPS. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on NOW shares. JPMorgan Chase & Co. increased their target price on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Piper Sandler increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Robert W. Baird increased their target price on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Wells Fargo & Company increased their target price on ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $974.04.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares in the company, valued at approximately $3,319,372.48. This trade represents a 2.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,325 shares of company stock worth $5,024,928 in the last three months. 0.25% of the stock is owned by company insiders.

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.