Enterprise Bank & Trust Co Cuts Stock Position in ServiceNow, Inc. $NOW

Enterprise Bank & Trust Co lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 36.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 436 shares of the information technology services provider’s stock after selling 255 shares during the period. Enterprise Bank & Trust Co’s holdings in ServiceNow were worth $448,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new stake in shares of ServiceNow in the 1st quarter worth approximately $382,000. Corient IA LLC bought a new position in ServiceNow in the 1st quarter valued at approximately $796,000. Parr Mcknight Wealth Management Group LLC bought a new position in ServiceNow in the 1st quarter valued at approximately $1,820,000. ASR Vermogensbeheer N.V. bought a new position in ServiceNow in the 1st quarter valued at approximately $19,278,000. Finally, Goldman Sachs Group Inc. lifted its position in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel directly 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 disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 in the last quarter. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Bank of America upped their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Citigroup upped their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Needham & Company LLC upped their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 price objective on ServiceNow in a research report on Thursday, July 24th. Finally, Piper Sandler upped their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,115.20.

ServiceNow Price Performance

NYSE NOW opened at $930.04 on Friday. The business’s fifty day moving average price is $927.34 and its 200-day moving average price is $922.33. The stock has a market capitalization of $193.45 billion, a price-to-earnings ratio of 117.13, a PEG ratio of 4.23 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the firm earned $3.13 EPS. The company’s revenue was up 22.4% compared to the same quarter last year. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.