QRG Capital Management Inc. Has $11.15 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

QRG Capital Management Inc. cut its stake in ServiceNow, Inc. (NYSE:NOW) by 19.1% in the third quarter, Holdings Channel.com reports. The firm owned 12,462 shares of the information technology services provider’s stock after selling 2,939 shares during the period. QRG Capital Management Inc.’s holdings in ServiceNow were worth $11,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in ServiceNow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after acquiring an additional 331,797 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of ServiceNow by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after acquiring an additional 34,855 shares in the last quarter. Swedbank AB lifted its position in ServiceNow by 10.3% during the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after purchasing an additional 120,983 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of ServiceNow by 21.5% in the second quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock valued at $750,513,000 after buying an additional 168,734 shares during the period. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent research reports. Guggenheim reiterated a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a report on Monday, July 8th. Piper Sandler increased their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. BMO Capital Markets increased their price objective on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. JMP Securities raised their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. Finally, KeyCorp raised their price objective on ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $970.33.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,530 shares of company stock valued at $2,939,955 over the last 90 days. 0.25% of the stock is owned by insiders.

ServiceNow Stock Up 1.2 %

Shares of NOW opened at $954.59 on Tuesday. The stock has a market capitalization of $196.65 billion, a price-to-earnings ratio of 148.46, a PEG ratio of 5.41 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $602.45 and a 52 week high of $979.78. The stock has a fifty day moving average of $899.43 and a 200-day moving average of $806.07. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

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