Cynosure Group LLC Sells 290 Shares of ServiceNow, Inc. (NYSE:NOW)

Cynosure Group LLC trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 23.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 964 shares of the information technology services provider’s stock after selling 290 shares during the quarter. Cynosure Group LLC’s holdings in ServiceNow were worth $862,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow in the first quarter valued at $25,000. Versant Capital Management Inc grew its stake in ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares in the last quarter. EntryPoint Capital LLC increased its holdings in ServiceNow by 3,900.0% during the 1st 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. Truvestments Capital LLC bought a new position in ServiceNow in the 3rd quarter valued at $30,000. Finally, Ridgewood Investments LLC bought a new position in shares of ServiceNow in the second quarter worth $32,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Up 1.6 %

Shares of NYSE:NOW opened at $1,070.07 on Wednesday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,072.84. The stock has a market capitalization of $220.43 billion, a price-to-earnings ratio of 166.42, a PEG ratio of 6.04 and a beta of 0.98. The stock has a fifty day simple moving average of $955.40 and a two-hundred day simple moving average of $841.01. 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 (NYSE:NOW) last announced 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. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.21 EPS. On average, research analysts anticipate that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction on Wednesday, October 16th. The stock was 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 owns 3,027 shares of the company’s stock, valued at $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kevin Thomas Mcbride sold 100 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $102,397.00. Following the sale, the insider now owns 3,457 shares of the company’s stock, valued at approximately $3,539,864.29. This represents a 2.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,787 shares of company stock valued at $17,841,028. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on NOW. BMO Capital Markets boosted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Scotiabank assumed coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price on the stock. Mizuho upped their price objective on ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. TD Cowen raised their price objective on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Truist Financial boosted their target price on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $989.07.

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.