Stoneridge Investment Partners LLC Decreases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Stoneridge Investment Partners LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,562 shares of the information technology services provider’s stock after selling 50 shares during the period. Stoneridge Investment Partners LLC’s holdings in ServiceNow were worth $1,229,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of NOW. M&G Plc acquired a new position in ServiceNow during the 1st quarter valued at approximately $11,030,000. New Mexico Educational Retirement Board raised its stake in ServiceNow by 9.4% in the 1st quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock worth $8,882,000 after acquiring an additional 1,000 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in ServiceNow by 375.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock worth $1,041,000 after acquiring an additional 1,078 shares during the period. Wealthspire Advisors LLC lifted its position in ServiceNow by 3.4% during the 1st quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock worth $1,283,000 after acquiring an additional 56 shares during the period. Finally, Brookstone Capital Management increased its holdings in shares of ServiceNow by 25.5% in the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after purchasing an additional 2,928 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling

In other news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at approximately $9,479,250. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,800 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,914 shares of company stock worth $5,608,936. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on NOW shares. Royal Bank of Canada lifted their target price on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. BMO Capital Markets increased their price objective on shares of ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Canaccord Genuity Group reissued a “buy” rating and set a $835.00 target price on shares of ServiceNow in a report on Tuesday, July 23rd. Finally, Citigroup increased their price target on ServiceNow from $909.00 to $911.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $849.62.

ServiceNow Trading Down 0.8 %

Shares of NOW stock opened at $878.95 on Friday. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $889.52. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The stock’s fifty day moving average is $807.22 and its two-hundred day moving average is $766.50. The firm has a market capitalization of $181.06 billion, a P/E ratio of 94.01, a PEG ratio of 5.25 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the firm posted $0.77 earnings per share. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

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.