ServiceNow, Inc. $NOW Stake Cut by Grassi Investment Management

Grassi Investment Management trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 1.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,555 shares of the information technology services provider’s stock after selling 115 shares during the quarter. Grassi Investment Management’s holdings in ServiceNow were worth $10,851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Brighton Jones LLC raised its holdings in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after acquiring an additional 30 shares in the last quarter. Fermata Advisors LLC raised its holdings in shares of ServiceNow by 192.2% during the first quarter. Fermata Advisors LLC now owns 637 shares of the information technology services provider’s stock worth $507,000 after acquiring an additional 419 shares in the last quarter. Boltwood Capital Management raised its holdings in shares of ServiceNow by 69.1% during the first quarter. Boltwood Capital Management now owns 350 shares of the information technology services provider’s stock worth $279,000 after acquiring an additional 143 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of ServiceNow by 15.5% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,373 shares of the information technology services provider’s stock worth $1,093,000 after purchasing an additional 184 shares in the last quarter. Finally, Vest Financial LLC raised its stake in shares of ServiceNow by 73.4% during the 1st quarter. Vest Financial LLC now owns 2,105 shares of the information technology services provider’s stock worth $1,676,000 after purchasing an additional 891 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock valued at $16,798,825 in the last ninety days. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Piper Sandler raised their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Oppenheimer reaffirmed an “outperform” rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Weiss Ratings restated a “hold (c)” rating on shares of ServiceNow in a report on Saturday, September 27th. Mizuho raised their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, June 12th. Finally, Barclays set a $1,210.00 price target on shares of ServiceNow in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,122.20.

ServiceNow Trading Up 0.2%

NYSE:NOW opened at $911.75 on Friday. The firm has a market cap of $189.64 billion, a price-to-earnings ratio of 114.83, a P/E/G ratio of 4.10 and a beta of 0.92. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $914.67 and its 200-day moving average is $929.33.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.13 EPS. Equities analysts anticipate 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.