ServiceNow, Inc. (NYSE:NOW) Shares Sold by New World Advisors LLC

New World Advisors LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 21.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 472 shares of the information technology services provider’s stock after selling 130 shares during the period. New World Advisors LLC’s holdings in ServiceNow were worth $376,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Generate Investment Management Ltd purchased a new position in ServiceNow in the 1st quarter worth $3,094,000. Alpine Bank Wealth Management acquired a new position in shares of ServiceNow in the first quarter valued at about $119,000. Financial Life Planners increased its holdings in shares of ServiceNow by 10.0% in the first quarter. Financial Life Planners now owns 417 shares of the information technology services provider’s stock valued at $332,000 after purchasing an additional 38 shares during the period. Golden State Wealth Management LLC raised its stake in shares of ServiceNow by 76.6% in the first quarter. Golden State Wealth Management LLC now owns 1,035 shares of the information technology services provider’s stock worth $824,000 after purchasing an additional 449 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of ServiceNow by 19.6% during the first quarter. Bessemer Group Inc. now owns 113,832 shares of the information technology services provider’s stock worth $90,626,000 after purchasing an additional 18,665 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. BMO Capital Markets increased their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Wednesday, May 14th. Piper Sandler cut their price objective on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Guggenheim raised their target price on shares of ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a report on Thursday, April 24th. Jefferies Financial Group lowered their price target on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, Wells Fargo & Company increased their price target on ServiceNow from $1,100.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,065.32.

ServiceNow Price Performance

ServiceNow stock opened at $1,005.95 on Thursday. The company has a fifty day simple moving average of $975.77 and a 200-day simple moving average of $968.70. The firm has a market capitalization of $208.21 billion, a price-to-earnings ratio of 136.68, a PEG ratio of 4.58 and a beta of 0.95. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the prior year, the company earned $3.41 EPS. ServiceNow’s revenue was up 18.6% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 354 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,435,554.47. This trade represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer now owns 6,614 shares in the company, valued at $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by insiders.

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.