Logan Capital Management Inc. Trims Position in ServiceNow, Inc. (NYSE:NOW)

Logan Capital Management Inc. trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 3.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,313 shares of the information technology services provider’s stock after selling 126 shares during the period. Logan Capital Management Inc.’s holdings in ServiceNow were worth $2,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new position in ServiceNow during the 3rd quarter worth $30,000. DT Investment Partners LLC grew its position in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares in the last quarter. Ridgewood Investments LLC purchased a new position in shares of ServiceNow during the second quarter valued at $32,000. Oakworth Capital Inc. raised its holdings in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 14 shares in the last quarter. Finally, Semmax Financial Advisors Inc. purchased a new stake in ServiceNow in the second quarter worth about $39,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the business’s 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 in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,629 shares of company stock valued at $20,861,626. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

NOW has been the topic of several recent research reports. Citigroup increased their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Scotiabank started coverage on ServiceNow in a research report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. Stifel Nicolaus raised their price objective on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Barclays raised their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Oppenheimer upped their price objective on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,034.96.

ServiceNow Price Performance

NYSE:NOW opened at $1,121.10 on Friday. The firm has a market cap of $230.95 billion, a price-to-earnings ratio of 174.35, a price-to-earnings-growth ratio of 6.58 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The company has a 50 day moving average price of $1,006.82 and a 200-day moving average price of $870.89. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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 net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The company’s revenue was up 22.2% compared to the same quarter last year. Equities research analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current year.

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.