Westwind Capital Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Westwind Capital decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 29.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 16,333 shares of the information technology services provider’s stock after selling 6,702 shares during the quarter. ServiceNow accounts for 3.5% of Westwind Capital’s portfolio, making the stock its 13th largest position. Westwind Capital’s holdings in ServiceNow were worth $14,598,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. M&G Plc purchased a new position in ServiceNow during the first quarter worth $11,030,000. AXA S.A. boosted its holdings in shares of ServiceNow by 1.1% during the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after purchasing an additional 4,271 shares during the last quarter. HWG Holdings LP acquired a new stake in shares of ServiceNow during the second quarter worth $2,679,000. New Mexico Educational Retirement Board boosted its holdings in shares of ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock worth $8,882,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of ServiceNow by 375.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock worth $1,041,000 after purchasing an additional 1,078 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 0.7 %

Shares of NOW opened at $944.87 on Friday. The stock’s 50-day moving average is $858.21 and its two-hundred day moving average is $785.04. The stock has a market cap of $194.64 billion, a PE ratio of 170.86, a P/E/G ratio of 5.63 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $949.00. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NOW. Wells Fargo & Company raised their price objective on ServiceNow from $935.00 to $1,025.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank of Canada raised their price objective on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Canaccord Genuity Group restated a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a report on Tuesday, July 23rd. KeyCorp decreased their price objective on ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Finally, Piper Sandler lifted their target price on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. 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 an average price target of $875.81.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction dated 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 sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 1,800 shares of the business’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 approximately $9,479,250. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,914 shares of company stock valued at $5,608,936. 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.