Northern Trust Corp Trims Stake in ServiceNow, Inc. (NYSE:NOW)

Northern Trust Corp decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 2.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,163,034 shares of the information technology services provider’s stock after selling 65,193 shares during the period. Northern Trust Corp’s holdings in ServiceNow were worth $1,215,560,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich increased its stake in ServiceNow by 96,156.9% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 23,469,361 shares of the information technology services provider’s stock valued at $13,189,077,000 after purchasing an additional 23,444,979 shares during the period. Norges Bank acquired a new position in ServiceNow in the 4th quarter valued at about $872,202,000. Jennison Associates LLC purchased a new stake in ServiceNow during the 2nd quarter valued at approximately $1,127,232,000. GQG Partners LLC lifted its position in ServiceNow by 63,533.9% during the 1st quarter. GQG Partners LLC now owns 1,536,122 shares of the information technology services provider’s stock worth $713,867,000 after acquiring an additional 1,533,708 shares during the period. Finally, Moneta Group Investment Advisors LLC grew its stake in shares of ServiceNow by 69,897.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock valued at $332,386,000 after purchasing an additional 854,846 shares during the last quarter. Hedge funds and other institutional investors own 87.14% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of a number of analyst reports. Barclays cut their price objective on shares of ServiceNow from $646.00 to $644.00 and set an “overweight” rating for the company in a research report on Thursday, July 27th. Evercore ISI boosted their target price on ServiceNow from $550.00 to $650.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 15th. Moffett Nathanson raised their price objective on shares of ServiceNow from $549.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Citigroup lowered their target price on ServiceNow from $734.00 to $700.00 and set a “buy” rating on the stock in a report on Thursday, October 19th. Finally, Piper Sandler upped their price target on shares of ServiceNow from $600.00 to $620.00 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 company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $614.77.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 355 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $565.16, for a total transaction of $200,631.80. Following the sale, the insider now owns 2,789 shares in the company, valued at $1,576,231.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Paul John Smith sold 355 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $565.16, for a total transaction of $200,631.80. Following the completion of the sale, the insider now owns 2,789 shares of the company’s stock, valued at approximately $1,576,231.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christopher Bedi sold 1,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $593.51, for a total value of $593,510.00. Following the completion of the sale, the insider now directly owns 15,484 shares in the company, valued at $9,189,908.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,656 shares of company stock valued at $5,649,228. Insiders own 0.24% of the company’s stock.

ServiceNow Stock Down 0.5 %

NOW traded down $3.02 on Tuesday, reaching $663.90. The company’s stock had a trading volume of 77,299 shares, compared to its average volume of 1,408,892. ServiceNow, Inc. has a 1 year low of $353.62 and a 1 year high of $669.73. The business’s 50 day moving average is $579.15 and its 200 day moving average is $560.27. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market cap of $136.10 billion, a price-to-earnings ratio of 86.39, a price-to-earnings-growth ratio of 5.68 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 25th. The information technology services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $0.89 by $0.32. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.27 billion. ServiceNow had a return on equity of 12.25% and a net margin of 18.72%. As a group, research analysts forecast that ServiceNow, Inc. will post 4.06 EPS for the current fiscal year.

About ServiceNow

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.