Grassi Investment Management Cuts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Grassi Investment Management lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,020 shares of the information technology services provider’s stock after selling 185 shares during the period. Grassi Investment Management’s holdings in ServiceNow were worth $10,751,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of ServiceNow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after buying an additional 331,797 shares during the last quarter. Bank of New York Mellon Corp lifted its position in ServiceNow by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after acquiring an additional 34,855 shares in the last quarter. Swedbank AB lifted its position in ServiceNow by 10.3% in the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after acquiring an additional 120,983 shares in the last quarter. International Assets Investment Management LLC lifted its position in ServiceNow by 89,137.0% in 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 acquiring an additional 1,183,739 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in ServiceNow by 21.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock valued at $750,513,000 after acquiring an additional 168,734 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 3.2 %

NYSE:NOW opened at $936.55 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $191.99 billion, a price-to-earnings ratio of 97.08, a price-to-earnings-growth ratio of 5.63 and a beta of 0.99. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $949.59. The business has a fifty day moving average price of $880.60 and a 200-day moving average price of $795.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the prior year, the business posted $0.77 EPS. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. Sell-side analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $2,457,924. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Jacqueline P. Canney sold 804 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $2,457,924. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,467 shares of company stock worth $4,450,447. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Truist Financial upped their price objective on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday. Royal Bank of Canada upped their price objective on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Stifel Nicolaus upped their price objective on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, TD Cowen increased their price target on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $949.35.

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.