ServiceNow, Inc. $NOW Stake Trimmed by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 8.6% during the second quarter, Holdings Channel reports. The fund owned 13,244 shares of the information technology services provider’s stock after selling 1,241 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in ServiceNow were worth $13,615,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in ServiceNow by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock valued at $15,522,335,000 after buying an additional 297,734 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock worth $2,263,519,000 after purchasing an additional 188,292 shares in the last quarter. Nuveen LLC bought a new stake in shares of ServiceNow in the 1st quarter valued at approximately $1,817,535,000. Alliancebernstein L.P. increased its holdings in ServiceNow by 16.2% in the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider’s stock worth $1,379,461,000 after buying an additional 242,132 shares during the last quarter. Finally, Amundi lifted its stake in ServiceNow by 61.9% in the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after acquiring an additional 626,623 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NOW shares. Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Bank of America boosted their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. UBS Group lowered their price target on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating on the stock in a research report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Needham & Company LLC increased their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. One investment 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Stock Performance

NYSE NOW opened at $911.75 on Monday. The stock has a market cap of $189.64 billion, a P/E ratio of 114.83, a PEG ratio of 4.11 and a beta of 0.92. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company’s 50-day simple moving average is $914.67 and its 200 day simple moving average is $930.67.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating 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 company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the business earned $3.13 earnings per share. The company’s quarterly revenue was up 22.4% on a year-over-year basis. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Fipps sold 1,452 shares of the business’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares in the company, valued at $409,037.85. This represents a 76.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by insiders.

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.