Progressive Investment Management Corp Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

Progressive Investment Management Corp reduced its position in ServiceNow, Inc. (NYSE:NOW) by 1.0% in the 3rd quarter, Holdings Channel reports. The firm owned 11,198 shares of the information technology services provider’s stock after selling 117 shares during the period. ServiceNow makes up 2.6% of Progressive Investment Management Corp’s holdings, making the stock its 15th biggest holding. Progressive Investment Management Corp’s holdings in ServiceNow were worth $10,015,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC lifted its position in ServiceNow by 89,137.0% during the 3rd 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 period. Swedbank AB purchased a new position in ServiceNow in the 1st quarter valued at $897,908,000. AustralianSuper Pty Ltd purchased a new position in ServiceNow in the 2nd quarter valued at $218,786,000. Canada Pension Plan Investment Board raised its position in ServiceNow by 59.4% during the 2nd 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 last quarter. Finally, abrdn plc lifted its stake in shares of ServiceNow by 110.2% in the 3rd quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock worth $392,477,000 after acquiring an additional 231,900 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

NOW opened at $1,022.19 on Wednesday. The company has a market capitalization of $210.57 billion, a P/E ratio of 158.97, a PEG ratio of 5.80 and a beta of 0.98. The company has a 50-day moving average of $938.70 and a 200-day moving average of $829.46. 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, Inc. has a 1-year low of $637.99 and a 1-year high of $1,061.66.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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 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 in the previous year, the company earned $1.21 earnings per share. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. Equities analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 1,867 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the transaction, the general counsel now owns 6,843 shares of the company’s stock, valued at approximately $7,007,026.71. The trade was a 21.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,373 shares of company stock valued at $7,139,335 over the last 90 days. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of analyst reports. Citigroup lifted their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. Evercore ISI raised their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. JMP Securities upped 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. Wells Fargo & Company lifted their price objective on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $986.39.

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.