Cornercap Investment Counsel Inc. Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Cornercap Investment Counsel Inc. lowered its holdings in ServiceNow, Inc. (NYSE:NOW) by 51.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,036 shares of the information technology services provider’s stock after selling 1,093 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in ServiceNow were worth $927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Creekmur Asset Management LLC bought a new position in ServiceNow during the first quarter valued at approximately $25,000. Versant Capital Management Inc grew its holdings in shares of ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the period. EntryPoint Capital LLC grew its holdings in shares of ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the period. Ridgewood Investments LLC purchased a new stake in ServiceNow during the second quarter valued at $32,000. Finally, DT Investment Partners LLC lifted its holdings in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. The trade was a 2.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. This represents a 33.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,325 shares of company stock worth $5,024,928 over the last quarter. Insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 0.6 %

NYSE:NOW opened at $1,039.74 on Friday. 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 50-day simple moving average of $924.67 and a 200-day simple moving average of $819.71. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,061.66. The firm has a market cap of $214.19 billion, a P/E ratio of 161.70, a P/E/G ratio of 6.00 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share 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 company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the business earned $1.21 earnings per share. ServiceNow’s revenue was up 22.2% on a year-over-year basis. Equities analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on NOW shares. Canaccord Genuity Group upped their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. KeyCorp raised their target price on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Stifel Nicolaus raised their price target on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Citigroup upped their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $974.04.

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.