Stoneridge Investment Partners LLC Sells 50 Shares of ServiceNow, Inc. (NYSE:NOW)

Stoneridge Investment Partners LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.1% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,562 shares of the information technology services provider’s stock after selling 50 shares during the quarter. Stoneridge Investment Partners LLC’s holdings in ServiceNow were worth $1,229,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Dai ichi Life Insurance Company Ltd raised its holdings in shares of ServiceNow by 4.7% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 30,710 shares of the information technology services provider’s stock valued at $24,159,000 after purchasing an additional 1,389 shares during the last quarter. O Neil Global Advisors Inc. bought a new position in shares of ServiceNow during the 2nd quarter valued at $9,440,000. Fiduciary Group LLC purchased a new position in shares of ServiceNow in the 2nd quarter worth $601,000. CoreCap Advisors LLC bought a new stake in shares of ServiceNow in the second quarter worth $434,000. Finally, Valley Wealth Managers Inc. increased its position in ServiceNow by 9.9% during the second quarter. Valley Wealth Managers Inc. now owns 533 shares of the information technology services provider’s stock valued at $419,000 after acquiring an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent research reports. JMP Securities boosted their price target on ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a research note on Thursday, July 25th. Guggenheim reiterated a “sell” rating and issued a $640.00 price target on shares of ServiceNow in a research note on Monday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, KeyCorp dropped their price objective on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. One equities research 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $849.62.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,914 shares of company stock worth $5,608,936. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $878.95 on Friday. The company has a market capitalization of $181.06 billion, a PE ratio of 94.01, a price-to-earnings-growth ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $889.52. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock’s fifty day moving average is $807.22 and its two-hundred day moving average is $766.50.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the previous year, the firm posted $0.77 earnings per share. The company’s revenue was up 22.2% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 6.78 earnings per share for the current year.

ServiceNow Company 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.