Sycomore Asset Management Lowers Position in ServiceNow, Inc. (NYSE:NOW)

Sycomore Asset Management lowered its position in ServiceNow, Inc. (NYSE:NOW) by 29.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,988 shares of the information technology services provider’s stock after selling 9,890 shares during the quarter. ServiceNow comprises approximately 3.1% of Sycomore Asset Management’s portfolio, making the stock its 5th largest holding. Sycomore Asset Management’s holdings in ServiceNow were worth $21,226,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC increased its stake in shares of ServiceNow by 89,137.0% during the third 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 purchasing an additional 1,183,739 shares in the last quarter. Swedbank AB bought a new stake in shares of ServiceNow during the 1st quarter valued at $897,908,000. Vanguard Group Inc. raised its position in shares of ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after purchasing an additional 331,797 shares during the period. AustralianSuper Pty Ltd bought a new stake in ServiceNow in the 2nd quarter valued at $218,786,000. Finally, Acadian Asset Management LLC increased its holdings in ServiceNow by 233.4% in the 1st quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock valued at $295,198,000 after acquiring an additional 271,073 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 0.2 %

Shares of ServiceNow stock traded down $1.66 during trading hours on Thursday, reaching $1,043.89. 392,682 shares of the company’s stock were exchanged, compared to its average volume of 1,276,687. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. The stock has a market cap of $215.04 billion, a P/E ratio of 162.60, a P/E/G ratio of 6.02 and a beta of 0.98. 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 company has a 50 day moving average of $924.67 and a two-hundred day moving average of $819.71.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion during 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%. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.21 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NOW shares. Jefferies Financial Group lifted their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird upped their price target on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Citigroup increased their target price on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Canaccord Genuity Group increased their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $974.04.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,060,115.38. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the transaction, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,259 shares of company stock valued at $4,955,741. 0.25% of the stock is currently owned by company insiders.

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.