Bridges Investment Management Inc. Sells 238 Shares of ServiceNow, Inc. $NOW

Bridges Investment Management Inc. cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 65,990 shares of the information technology services provider’s stock after selling 238 shares during the period. Bridges Investment Management Inc.’s holdings in ServiceNow were worth $67,843,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC bought a new stake in ServiceNow during the 1st quarter worth about $382,000. Corient IA LLC bought a new stake in ServiceNow during the 1st quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC bought a new stake in ServiceNow during the 1st quarter worth about $1,820,000. ASR Vermogensbeheer N.V. bought a new stake in shares of ServiceNow in the 1st quarter valued at about $19,278,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of 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 purchasing an additional 840,731 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 1,562 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NOW. BMO Capital Markets upped their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Wells Fargo & Company upped their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Citigroup upped their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a report on Thursday, July 24th. UBS Group dropped their target price on shares of ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Piper Sandler upped their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,121.37.

ServiceNow Stock Down 1.0%

ServiceNow stock opened at $902.22 on Thursday. The stock has a market cap of $187.66 billion, a P/E ratio of 113.63, a P/E/G ratio of 4.10 and a beta of 0.92. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company’s 50-day moving average price is $909.21 and its two-hundred day moving average price is $933.51.

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. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business’s revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm earned $3.13 EPS. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow 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.