Capital Market Strategies LLC Reduces Stock Position in ServiceNow, Inc. $NOW

Capital Market Strategies LLC lowered its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 33.6% in the second quarter, Holdings Channel.com reports. The fund owned 691 shares of the information technology services provider’s stock after selling 350 shares during the quarter. Capital Market Strategies LLC’s holdings in ServiceNow were worth $710,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Haverford Trust Co increased its holdings in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after purchasing an additional 10 shares during the period. Ascent Group LLC increased its holdings in shares of ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. increased its holdings in shares of ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC increased its holdings in shares of ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock valued at $358,000 after purchasing an additional 11 shares during the period. Finally, one8zero8 LLC increased its holdings in shares of ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock valued at $283,000 after purchasing an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on NOW shares. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Citigroup upped their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Bank of America upped their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Erste Group Bank restated a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Raymond James Financial upped their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $1,115.20.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

Shares of NOW stock opened at $930.04 on Friday. The company has a market capitalization of $193.45 billion, a P/E ratio of 117.13, a P/E/G ratio of 4.23 and a beta of 0.91. The business’s 50 day moving average is $927.34 and its two-hundred day moving average is $922.46. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.13 earnings per share. Analysts expect that ServiceNow, Inc. will post 8.93 EPS 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.