M&T Bank Corp reduced its stake in shares of ServiceNow Inc (NYSE:NOW) by 5.1% in the second quarter, HoldingsChannel reports. The firm owned 29,191 shares of the information technology services provider’s stock after selling 1,576 shares during the period. M&T Bank Corp’s holdings in ServiceNow were worth $11,823,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. 1776 Wealth LLC raised its holdings in ServiceNow by 205.9% in the first quarter. 1776 Wealth LLC now owns 104 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 70 shares in the last quarter. BDO Wealth Advisors LLC purchased a new position in shares of ServiceNow in the 1st quarter worth approximately $31,000. HHM Wealth Advisors LLC bought a new position in shares of ServiceNow during the 1st quarter worth approximately $32,000. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its position in ServiceNow by 43.9% during the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 82 shares of the information technology services provider’s stock valued at $33,000 after acquiring an additional 25 shares during the last quarter. Finally, Weaver Consulting Group boosted its stake in ServiceNow by 178.6% in the first quarter. Weaver Consulting Group now owns 117 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 75 shares in the last quarter. 92.11% of the stock is currently owned by institutional investors.
Shares of NYSE:NOW opened at $439.20 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.03 and a debt-to-equity ratio of 0.46. ServiceNow Inc has a 12-month low of $213.99 and a 12-month high of $454.70. The business has a 50 day moving average of $413.30 and a two-hundred day moving average of $348.33. The company has a market capitalization of $83.76 billion, a PE ratio of 119.35, a PEG ratio of 15.46 and a beta of 1.34.
ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 29th. The information technology services provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $0.20 by $1.03. ServiceNow had a net margin of 18.42% and a return on equity of 11.09%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the previous year, the firm earned $0.71 EPS. The business’s quarterly revenue was up 28.4% on a year-over-year basis. Equities research analysts predict that ServiceNow Inc will post 1.01 earnings per share for the current fiscal year.
NOW has been the subject of several analyst reports. Barclays increased their price objective on ServiceNow from $380.00 to $485.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Royal Bank of Canada increased their price target on ServiceNow from $500.00 to $510.00 and gave the company an “outperform” rating in a research note on Thursday. Credit Suisse Group boosted their price target on ServiceNow from $460.00 to $465.00 and gave the stock an “outperform” rating in a research note on Thursday. Citigroup increased their price objective on shares of ServiceNow from $365.00 to $388.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Finally, Jefferies Financial Group lifted their target price on shares of ServiceNow from $465.00 to $515.00 and gave the stock a “buy” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $433.85.
In other ServiceNow news, insider Fay Sien Goon sold 2,447 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $351.36, for a total value of $859,777.92. Following the sale, the insider now directly owns 2,600 shares of the company’s stock, valued at $913,536. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Chirantan Jitendra Desai sold 1,560 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $384.00, for a total value of $599,040.00. Following the completion of the sale, the insider now owns 26,361 shares of the company’s stock, valued at $10,122,624. The disclosure for this sale can be found here. Insiders sold 125,794 shares of company stock valued at $48,071,718 in the last ninety days. 1.00% of the stock is owned by corporate insiders.
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
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