Granite Group Advisors LLC Decreases Position in ServiceNow, Inc. (NYSE:NOW)

Granite Group Advisors LLC trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 360 shares of the information technology services provider’s stock after selling 17 shares during the period. Granite Group Advisors LLC’s holdings in ServiceNow were worth $382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. World Investment Advisors LLC boosted its holdings in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of 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 valued at $1,059,912,000 after buying an additional 1,183,739 shares during the period. Bank of Montreal Can raised its holdings in shares of ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after purchasing an additional 935,848 shares during the period. Wellington Management Group LLP increased its position in shares of ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. Finally, FMR LLC boosted its position in shares of ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after buying an additional 502,845 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,124.64 on Monday. The firm has a market cap of $231.68 billion, a price-to-earnings ratio of 174.91, a PEG ratio of 5.11 and a beta of 0.99. The company has a quick ratio of 1.13, a current 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 $1,157.90. The company’s 50 day moving average is $1,077.07 and its 200 day moving average is $943.86.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was 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 owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,731 shares of company stock valued at $21,016,751. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NOW. Cantor Fitzgerald initiated coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target for the company. Sanford C. Bernstein upped 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. Piper Sandler lifted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Citigroup raised their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Truist Financial upped their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,093.34.

ServiceNow Company Profile

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.