South Street Advisors LLC Decreases Position in ServiceNow, Inc. (NYSE:NOW)

South Street Advisors LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 5.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 23,306 shares of the information technology services provider’s stock after selling 1,284 shares during the quarter. ServiceNow comprises approximately 3.2% of South Street Advisors LLC’s investment portfolio, making the stock its 12th largest holding. South Street Advisors LLC’s holdings in ServiceNow were worth $20,845,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NOW. International Assets Investment Management LLC lifted its stake in ServiceNow by 89,137.0% during 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 purchasing an additional 1,183,739 shares during the last quarter. Swedbank AB acquired a new position in ServiceNow during the first quarter worth approximately $897,908,000. AustralianSuper Pty Ltd acquired a new position in ServiceNow during the second quarter worth approximately $218,786,000. Acadian Asset Management LLC increased its position in ServiceNow by 233.4% during the first quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after buying an additional 271,073 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in ServiceNow by 59.4% during the second quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock worth $500,258,000 after buying an additional 237,086 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on NOW. Truist Financial lifted their price target on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. KeyCorp boosted their target price on ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Wells Fargo & Company boosted their target price on ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a report on Tuesday. Citigroup boosted their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Sanford C. Bernstein boosted their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $974.04.

ServiceNow Price Performance

Shares of NYSE:NOW traded down $28.41 on Friday, hitting $1,011.39. The company had a trading volume of 1,498,472 shares, compared to its average volume of 1,281,121. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,061.66. The business has a 50 day moving average of $932.47 and a 200 day moving average of $823.24. The company has a market cap of $208.35 billion, a PE ratio of 157.29, a PEG ratio of 6.00 and a beta of 0.98.

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

Insider Activity at ServiceNow

In related news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. This represents a 33.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,325 shares of company stock worth $5,024,928. 0.25% of the stock is currently owned by insiders.

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.