ServiceNow, Inc. $NOW Shares Sold by Eastern Bank

Eastern Bank lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 1.1% in the second quarter, Holdings Channel.com reports. The firm owned 54,144 shares of the information technology services provider’s stock after selling 627 shares during the period. ServiceNow comprises 1.1% of Eastern Bank’s portfolio, making the stock its 29th largest holding. Eastern Bank’s holdings in ServiceNow were worth $55,664,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Global X Japan Co. Ltd. acquired a new position in shares of ServiceNow in the 2nd quarter worth approximately $30,000. Bogart Wealth LLC boosted its position in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new stake in ServiceNow during the 1st quarter valued at $26,000. WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 31 shares in the last quarter. Finally, Dagco Inc. bought a new stake in ServiceNow during the 1st quarter valued at $33,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the business’s stock in a transaction dated 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 sale, the general counsel owned 4,332 shares of the company’s stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on NOW. Erste Group Bank reaffirmed a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. UBS Group dropped their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating on the stock in a research note on Thursday, July 24th. Wall Street Zen cut ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Raymond James Financial lifted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Finally, Piper Sandler lifted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,122.20.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $888.63 on Friday. The business’s 50-day moving average price is $909.21 and its two-hundred day moving average price is $931.62. 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 one year low of $678.66 and a one year high of $1,198.09. The company has a market capitalization of $184.84 billion, a P/E ratio of 111.92, a price-to-earnings-growth ratio of 4.13 and a beta of 0.92.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 earnings per share. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share 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.