Sunbelt Securities Inc. Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Sunbelt Securities Inc. lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 14.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,024 shares of the information technology services provider’s stock after selling 514 shares during the quarter. Sunbelt Securities Inc.’s holdings in ServiceNow were worth $2,705,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter worth approximately $30,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. Ridgewood Investments LLC bought a new position in shares of ServiceNow during the second quarter valued at about $32,000. Oakworth Capital Inc. lifted its stake in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 14 shares during the last quarter. Finally, Semmax Financial Advisors Inc. purchased a new stake in ServiceNow during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the transaction, the director now owns 10,467 shares in the company, valued at $10,968,892.65. This represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock worth $20,861,626 over the last quarter. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler raised their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Canaccord Genuity Group boosted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. JMP Securities raised their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. Finally, Evercore ISI upped their price target on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,022.37.

ServiceNow Stock Up 0.7 %

NYSE:NOW opened at $1,128.51 on Wednesday. The firm has a 50-day simple moving average of $987.03 and a two-hundred day simple moving average of $861.55. The firm has a market cap of $232.47 billion, a P/E ratio of 175.51, a P/E/G ratio of 6.45 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,147.37. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.21 EPS. Analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal 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.