Pinnacle Financial Partners Inc Has $24.57 Million Position in ServiceNow, Inc. (NYSE:NOW)

Pinnacle Financial Partners Inc trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,857 shares of the information technology services provider’s stock after selling 327 shares during the period. Pinnacle Financial Partners Inc’s holdings in ServiceNow were worth $24,566,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of NOW. Brighton Jones LLC grew its holdings in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after buying an additional 30 shares during the period. Proficio Capital Partners LLC grew its stake in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 666,383 shares during the period. Modera Wealth Management LLC increased its holdings in shares of ServiceNow by 22.7% in the fourth quarter. Modera Wealth Management LLC now owns 335 shares of the information technology services provider’s stock worth $355,000 after acquiring an additional 62 shares in the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of ServiceNow by 2.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 25,477 shares of the information technology services provider’s stock worth $27,009,000 after acquiring an additional 617 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of ServiceNow by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,292,922 shares of the information technology services provider’s stock worth $1,370,652,000 after purchasing an additional 56,585 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW traded down $5.46 during mid-day trading on Wednesday, reaching $1,006.43. The company’s stock had a trading volume of 85,352 shares, compared to its average volume of 1,478,583. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The business has a 50-day simple moving average of $995.96 and a two-hundred day simple moving average of $964.39. The stock has a market cap of $208.31 billion, a P/E ratio of 136.53, a PEG ratio of 4.72 and a beta of 0.94.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the prior year, the business earned $3.41 EPS. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on the stock. Erste Group Bank upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Oppenheimer restated an “outperform” rating and set a $1,100.00 price objective (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Piper Sandler reduced their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Finally, Truist Financial upgraded ServiceNow from a “hold” rating to a “buy” rating and increased their target price for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,065.32.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of the company’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock worth $6,611,245 in the last ninety days. Insiders own 0.38% of the company’s stock.

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.