Raymond James Trust N.A. Trims Stock Position in ServiceNow, Inc. (NYSE:NOW)

Raymond James Trust N.A. decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,786 shares of the information technology services provider’s stock after selling 124 shares during the period. Raymond James Trust N.A.’s holdings in ServiceNow were worth $2,978,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Optas LLC boosted its position in shares of ServiceNow by 1.7% during the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after purchasing an additional 14 shares in the last quarter. Cedar Wealth Management LLC boosted its holdings in shares of ServiceNow by 5.5% during the 1st quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock valued at $204,000 after buying an additional 14 shares in the last quarter. Forbes J M & Co. LLP grew its position in shares of ServiceNow by 0.3% in the 1st quarter. Forbes J M & Co. LLP now owns 5,293 shares of the information technology services provider’s stock worth $4,035,000 after buying an additional 15 shares during the period. Regent Peak Wealth Advisors LLC increased its stake in shares of ServiceNow by 3.9% in the 1st quarter. Regent Peak Wealth Advisors LLC now owns 400 shares of the information technology services provider’s stock worth $305,000 after acquiring an additional 15 shares in the last quarter. Finally, Davis R M Inc. increased its stake in shares of ServiceNow by 3.0% in the 1st quarter. Davis R M Inc. now owns 513 shares of the information technology services provider’s stock worth $391,000 after acquiring an additional 15 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on NOW shares. Needham & Company LLC restated a “buy” rating and issued a $900.00 price objective on shares of ServiceNow in a report on Thursday, July 25th. JPMorgan Chase & Co. lifted their price objective on ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. BMO Capital Markets increased their target price on ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Stifel Nicolaus lifted their price target on ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Truist Financial upped their price target on shares of ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $849.62.

ServiceNow Price Performance

Shares of NOW traded up $1.22 during midday trading on Monday, hitting $829.49. 30,265 shares of the company traded hands, compared to its average volume of 1,295,270. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $850.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a 50 day moving average of $782.00 and a 200-day moving average of $758.94. The stock has a market cap of $170.05 billion, a price-to-earnings ratio of 88.59, a PEG ratio of 4.82 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.28. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 earnings per share. On average, analysts forecast that ServiceNow, Inc. will post 6.84 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the transaction, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kevin Thomas Mcbride sold 100 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $825.00, for a total transaction of $82,500.00. Following the completion of the sale, the insider now owns 2,994 shares of the company’s stock, valued at $2,470,050. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,072 shares of company stock worth $6,930,684. 0.25% of the stock is currently owned by insiders.

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.