Stablepoint Partners LLC Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

Stablepoint Partners LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 10.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,349 shares of the information technology services provider’s stock after selling 157 shares during the quarter. Stablepoint Partners LLC’s holdings in ServiceNow were worth $1,074,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of NOW. Quarry LP purchased a new stake in ServiceNow in the fourth quarter worth $27,000. Atala Financial Inc purchased a new stake in shares of ServiceNow during the 4th quarter worth $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the 4th quarter valued at about $32,000. Noble Wealth Management PBC purchased a new position in ServiceNow in the fourth quarter worth $34,000. Finally, FPC Investment Advisory Inc. grew its stake in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NOW shares. JPMorgan Chase & Co. cut their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. UBS Group reiterated a “buy” rating and set a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. BMO Capital Markets upped their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 14th. Robert W. Baird upped their target price on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Finally, William Blair reiterated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,062.50.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider now directly owns 3,000 shares of the company’s stock, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $2,435,554.47. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,716 shares of company stock worth $6,611,245 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Up 1.3%

Shares of NYSE NOW opened at $1,030.70 on Friday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The business’s 50 day moving average is $919.44 and its two-hundred day moving average is $974.97. The firm has a market cap of $213.34 billion, a price-to-earnings ratio of 150.91, a PEG ratio of 4.51 and a beta of 0.95. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the business posted $3.41 earnings per share. The business’s quarterly revenue was up 18.6% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 8.93 EPS 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.