MetLife Investment Management LLC Lowers Position in ServiceNow, Inc. (NYSE:NOW)

MetLife Investment Management LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,909 shares of the information technology services provider’s stock after selling 1,304 shares during the quarter. MetLife Investment Management LLC’s holdings in ServiceNow were worth $56,265,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the first quarter valued at approximately $25,000. Versant Capital Management Inc increased its position in ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares in the last quarter. EntryPoint Capital LLC raised its stake in ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 39 shares during the last quarter. Truvestments Capital LLC bought a new stake in ServiceNow in the third quarter worth $30,000. Finally, Ridgewood Investments LLC bought a new position in shares of ServiceNow during the second quarter valued at $32,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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 76 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 3,027 shares in the company, valued at $3,060,115.38. The trade was a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,787 shares of company stock valued at $17,841,028. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Canaccord Genuity Group boosted their price target on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Wells Fargo & Company raised their target price on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Finally, Sanford C. Bernstein upped their target price on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $989.07.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,070.07 on Wednesday. The company has a 50 day simple moving average of $955.40 and a two-hundred day simple moving average of $841.01. The stock has a market cap of $220.43 billion, a price-to-earnings ratio of 166.42, a PEG ratio of 6.04 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. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,072.84.

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 the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the company earned $1.21 earnings per share. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, analysts predict that ServiceNow, Inc. will post 7.07 earnings per share 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.