FNY Investment Advisers LLC Lowers Stock Holdings in ServiceNow, Inc. $NOW

FNY Investment Advisers LLC trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 57.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 394 shares of the information technology services provider’s stock after selling 522 shares during the quarter. FNY Investment Advisers LLC’s holdings in ServiceNow were worth $405,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of NOW. Haverford Trust Co grew its position in ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC lifted its stake in ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after acquiring an additional 10 shares during the period. Edgemoor Investment Advisors Inc. lifted its stake in ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $366,000 after acquiring an additional 11 shares during the period. Integrated Investment Consultants LLC lifted its stake in ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock worth $358,000 after acquiring an additional 11 shares during the period. Finally, one8zero8 LLC lifted its position in ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock valued at $283,000 after buying an additional 11 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOW. Piper Sandler boosted 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. Raymond James Financial boosted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” 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, October 14th. Wall Street Zen raised ServiceNow from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Bank of America lifted their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,121.37.

Insiders Place Their Bets

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 transaction, the general counsel owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 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 $1,353,394.90. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock worth $16,798,825 in the last quarter. Insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $936.25 on Thursday. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The business has a 50-day simple moving average of $914.81 and a two-hundred day simple moving average of $938.12. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market cap of $194.74 billion, a price-to-earnings ratio of 117.92, a price-to-earnings-growth ratio of 4.24 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 earnings per share for the quarter, topping 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 business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm earned $3.13 EPS. ServiceNow’s revenue was up 22.4% on a year-over-year basis. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.