Cullinan Associates Inc. Sells 200 Shares of ServiceNow, Inc. $NOW

Cullinan Associates Inc. lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 10.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,800 shares of the information technology services provider’s stock after selling 200 shares during the quarter. Cullinan Associates Inc.’s holdings in ServiceNow were worth $1,851,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Valeo Financial Advisors LLC lifted its position in ServiceNow by 7.3% in the second quarter. Valeo Financial Advisors LLC now owns 2,427 shares of the information technology services provider’s stock valued at $2,495,000 after purchasing an additional 165 shares during the last quarter. Joule Financial LLC bought a new stake in ServiceNow in the second quarter valued at approximately $753,000. Three Bridge Wealth Advisors LLC bought a new position in shares of ServiceNow during the second quarter valued at approximately $510,000. Merit Financial Group LLC raised its holdings in shares of ServiceNow by 27.4% during the second quarter. Merit Financial Group LLC now owns 6,267 shares of the information technology services provider’s stock valued at $6,443,000 after acquiring an additional 1,349 shares in the last quarter. Finally, Keudell Morrison Wealth Management raised its holdings in shares of ServiceNow by 8.5% during the second quarter. Keudell Morrison Wealth Management now owns 714 shares of the information technology services provider’s stock valued at $734,000 after acquiring an additional 56 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 0.2%

NYSE NOW opened at $911.75 on Monday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a market cap of $189.64 billion, a P/E ratio of 114.83, a P/E/G ratio of 4.11 and a beta of 0.92. The stock’s fifty day moving average price is $914.67 and its 200-day moving average price is $930.67. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the firm posted $3.13 earnings per share. The company’s quarterly revenue was up 22.4% on a year-over-year basis. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In related news, 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 transaction of $1,003,875.67. Following the sale, the director directly owned 9,307 shares of the company’s stock, valued at $8,516,928.77. This trade represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the subject of a number of recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. UBS Group decreased their target price on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating for the company in a report on Thursday, July 24th. Mizuho upped their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, June 12th. BMO Capital Markets upped their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Finally, Bank of America upped their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,122.20.

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.