ServiceNow, Inc. $NOW Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. reduced its position in ServiceNow, Inc. (NYSE:NOW) by 14.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 11,874 shares of the information technology services provider’s stock after selling 2,071 shares during the quarter. QRG Capital Management Inc.’s holdings in ServiceNow were worth $12,208,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new position in shares of ServiceNow during the 1st quarter worth approximately $382,000. Corient IA LLC acquired a new position in ServiceNow during the first quarter worth $796,000. Parr Mcknight Wealth Management Group LLC purchased a new position in ServiceNow in the first quarter worth $1,820,000. Goldman Sachs Group Inc. raised its position in ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new stake in ServiceNow in the first quarter valued at $19,278,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the transaction, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock worth $16,798,825 over the last three months. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Piper Sandler increased their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Raymond James Financial boosted their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. FBN Securities raised ServiceNow to a “strong-buy” rating in a research note on Wednesday, June 11th. Finally, Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Stock Performance

ServiceNow stock opened at $911.75 on Friday. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a market capitalization of $189.64 billion, a price-to-earnings ratio of 114.83, a PEG ratio of 4.11 and a beta of 0.92. The stock has a fifty day moving average of $914.67 and a two-hundred day moving average of $929.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.13 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow Profile

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.