RiverPark Advisors LLC Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

RiverPark Advisors LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 18.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,208 shares of the information technology services provider’s stock after selling 502 shares during the quarter. ServiceNow accounts for approximately 1.6% of RiverPark Advisors LLC’s portfolio, making the stock its 22nd largest position. RiverPark Advisors LLC’s holdings in ServiceNow were worth $1,975,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of NOW. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the first quarter worth about $25,000. Versant Capital Management Inc grew its holdings 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 worth $27,000 after purchasing an additional 28 shares in the last quarter. EntryPoint Capital LLC grew its holdings in shares of ServiceNow by 3,900.0% during the first 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 position in shares of ServiceNow during the second quarter worth about $32,000. Finally, DT Investment Partners LLC lifted 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 buying an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW stock opened at $1,011.39 on Friday. The stock has a market cap of $208.35 billion, a price-to-earnings ratio of 157.29, a PEG ratio of 5.80 and a beta of 0.98. The business’s fifty day moving average is $932.47 and its 200 day moving average is $824.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,061.66. 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 for the quarter, topping the consensus estimate of $3.46 by $0.26. The company 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 firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.21 earnings per share. Research analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the sale, the director now directly owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction on 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 sale, the insider now directly owns 4,019 shares in the company, valued at approximately $3,319,372.48. This represents a 2.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,325 shares of company stock valued at $5,024,928 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

NOW has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Canaccord Genuity Group boosted their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Robert W. Baird boosted their target price on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft boosted their target price on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Piper Sandler boosted their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $974.04.

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.