BluePath Capital Management LLC Trims Position in ServiceNow, Inc. (NYSE:NOW)

BluePath Capital Management LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 19.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,066 shares of the information technology services provider’s stock after selling 263 shares during the quarter. BluePath Capital Management LLC’s holdings in ServiceNow were worth $953,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. J.W. Cole Advisors Inc. lifted its position in ServiceNow by 6.1% in the 1st quarter. J.W. Cole Advisors Inc. now owns 1,021 shares of the information technology services provider’s stock worth $779,000 after buying an additional 59 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in ServiceNow by 3.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 46,458 shares of the information technology services provider’s stock worth $35,420,000 after buying an additional 1,707 shares during the last quarter. Resonant Capital Advisors LLC bought a new stake in ServiceNow in the 1st quarter worth approximately $320,000. Moloney Securities Asset Management LLC lifted its position in ServiceNow by 38.3% in the first quarter. Moloney Securities Asset Management LLC now owns 925 shares of the information technology services provider’s stock valued at $705,000 after purchasing an additional 256 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in ServiceNow by 8.2% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,260 shares of the information technology services provider’s stock valued at $4,010,000 after purchasing an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW stock opened at $943.41 on Friday. ServiceNow, Inc. has a 52-week low of $592.48 and a 52-week high of $979.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $194.34 billion, a P/E ratio of 146.72, a P/E/G ratio of 5.45 and a beta of 0.99. The stock has a 50 day moving average price of $896.89 and a 200 day moving average price of $803.60.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the company earned $1.21 EPS. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Evercore ISI boosted their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Stifel Nicolaus boosted their price objective on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Finally, Mizuho boosted their price objective on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $970.33.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 804 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,457,924. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, insider Jacqueline P. Canney sold 804 shares of ServiceNow stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,457,924. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul John Smith sold 187 shares of ServiceNow stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the sale, the insider now directly owns 3,779 shares of the company’s stock, valued at approximately $3,006,496.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,530 shares of company stock valued at $2,939,955. Insiders own 0.25% of the company’s stock.

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.