West Branch Capital LLC Cuts Stock Position in ServiceNow, Inc. (NYSE:NOW)

West Branch Capital LLC lowered its holdings in ServiceNow, Inc. (NYSE:NOW) by 73.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 109 shares of the information technology services provider’s stock after selling 308 shares during the period. West Branch Capital LLC’s holdings in ServiceNow were worth $87,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Avidian Wealth Enterprises LLC lifted its position in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after buying an additional 9 shares during the last quarter. TBH Global Asset Management LLC lifted its position in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares during the last quarter. Onefund LLC lifted its position in shares of ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 11 shares during the last quarter. Cassady Schiller Wealth Management LLC lifted its position in shares of ServiceNow by 44.0% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider’s stock valued at $38,000 after buying an additional 11 shares during the last quarter. Finally, Plancorp LLC lifted its position in shares of ServiceNow by 4.1% during the 4th quarter. Plancorp LLC now owns 308 shares of the information technology services provider’s stock valued at $327,000 after buying an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is currently owned by insiders.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $987.71 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $204.44 billion, a PE ratio of 144.61, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95. The business’s 50-day moving average price is $944.56 and its 200-day moving average price is $973.45. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company’s revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.41 EPS. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NOW shares. Redburn Atlantic started coverage on ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Scotiabank set a $1,100.00 price target on ServiceNow and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Bank of America dropped their price target on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Canaccord Genuity Group dropped their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

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.