Westpac Banking Corp cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 76.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,149 shares of the information technology services provider’s stock after selling 27,078 shares during the period. Westpac Banking Corp’s holdings in ServiceNow were worth $4,579,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in NOW. Barrett & Company Inc. purchased a new stake in ServiceNow during the 1st quarter worth about $28,000. High Net Worth Advisory Group LLC purchased a new stake in shares of ServiceNow during the first quarter worth approximately $29,000. Altshuler Shaham Ltd acquired a new stake in ServiceNow in the second quarter valued at approximately $30,000. Larson Financial Group LLC lifted its stake in ServiceNow by 153.8% in the first quarter. Larson Financial Group LLC now owns 66 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 40 shares during the last quarter. Finally, Global Trust Asset Management LLC grew its holdings in ServiceNow by 1,425.0% during the 2nd quarter. Global Trust Asset Management LLC now owns 61 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 57 shares in the last quarter. Institutional investors and hedge funds own 87.14% of the company’s stock.
Analyst Upgrades and Downgrades
NOW has been the subject of several recent analyst reports. Citigroup decreased their price objective on shares of ServiceNow from $734.00 to $700.00 and set a “buy” rating for the company in a research report on Thursday, October 19th. JMP Securities reiterated a “market outperform” rating and issued a $665.00 price objective on shares of ServiceNow in a report on Tuesday, October 17th. Royal Bank of Canada boosted their target price on ServiceNow from $665.00 to $680.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Oppenheimer increased their price target on shares of ServiceNow from $500.00 to $640.00 in a research note on Thursday, July 20th. Finally, Wells Fargo & Company upped their target price on shares of ServiceNow from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Thursday, October 26th. Two investment analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $614.77.
Insiders Place Their Bets
In related news, General Counsel Russell S. Elmer sold 91 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $535.10, for a total value of $48,694.10. Following the completion of the transaction, the general counsel now directly owns 4,225 shares of the company’s stock, valued at approximately $2,260,797.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Gina Mastantuono sold 386 shares of the company’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $554.89, for a total value of $214,187.54. Following the sale, the chief financial officer now owns 9,102 shares of the company’s stock, valued at approximately $5,050,608.78. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 91 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $535.10, for a total value of $48,694.10. Following the transaction, the general counsel now directly owns 4,225 shares of the company’s stock, valued at approximately $2,260,797.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,805 shares of company stock worth $5,729,390. 0.28% of the stock is owned by company insiders.
ServiceNow Price Performance
Shares of NOW traded up $1.44 during mid-day trading on Thursday, hitting $652.34. The company’s stock had a trading volume of 235,336 shares, compared to its average volume of 1,415,247. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.21. ServiceNow, Inc. has a 1-year low of $353.62 and a 1-year high of $659.94. The firm has a market capitalization of $133.73 billion, a P/E ratio of 84.31, a P/E/G ratio of 5.62 and a beta of 0.99. The firm has a 50-day simple moving average of $575.78 and a 200 day simple moving average of $554.87.
ServiceNow (NYSE:NOW – Get Free Report) last issued its earnings results on Wednesday, October 25th. The information technology services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $0.89 by $0.32. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.27 billion. ServiceNow had a net margin of 18.72% and a return on equity of 12.25%. Analysts predict that ServiceNow, Inc. will post 4.02 EPS for the current fiscal year.
ServiceNow Company Profile
ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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