ServiceNow, Inc. (NYSE:NOW) is Castleark Management LLC’s 10th Largest Position

Castleark Management LLC lowered its position in ServiceNow, Inc. (NYSE:NOW) by 1.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,396 shares of the information technology services provider’s stock after selling 1,011 shares during the quarter. ServiceNow makes up approximately 2.3% of Castleark Management LLC’s holdings, making the stock its 10th biggest position. Castleark Management LLC’s holdings in ServiceNow were worth $56,701,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. Truvestments Capital LLC acquired a new stake in shares of ServiceNow in the third quarter worth about $30,000. DT Investment Partners LLC boosted its position in shares of 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. Ridgewood Investments LLC acquired a new stake in ServiceNow in the 2nd quarter worth $32,000. Oakworth Capital Inc. grew its position in ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares in the last quarter. Finally, Semmax Financial Advisors Inc. acquired a new stake in shares of ServiceNow during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 0.1 %

Shares of NOW stock opened at $1,124.34 on Friday. The firm’s fifty day moving average price is $977.66 and its two-hundred day moving average price is $855.37. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,137.00. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $231.61 billion, a P/E ratio of 174.86, a PEG ratio of 6.45 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the firm posted $1.21 earnings per share. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock worth $20,861,626 over the last 90 days. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of analyst reports. Oppenheimer raised their price target on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler raised their target price on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Scotiabank assumed coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. JMP Securities increased 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, Jefferies Financial Group upped their price target on ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,011.26.

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.