Fortis Capital Management LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,336 shares of the information technology services provider’s stock after selling 29 shares during the period. ServiceNow accounts for about 1.1% of Fortis Capital Management LLC’s holdings, making the stock its 18th biggest position. Fortis Capital Management LLC’s holdings in ServiceNow were worth $5,667,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its holdings in ServiceNow by 89,137.0% during the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after purchasing an additional 1,183,739 shares during the period. Swedbank AB purchased a new stake in ServiceNow in the 1st quarter worth about $897,908,000. Vanguard Group Inc. raised its stake in ServiceNow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after acquiring an additional 331,797 shares during the period. AustralianSuper Pty Ltd purchased a new stake in ServiceNow during the second quarter valued at about $218,786,000. Finally, Acadian Asset Management LLC boosted its position in ServiceNow by 233.4% during the first quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after purchasing an additional 271,073 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on NOW shares. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $900.00 to $960.00 in a research note on Monday, October 21st. TD Cowen increased their price objective on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Sanford C. Bernstein lifted their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. UBS Group upped their price target on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, JMP Securities raised their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $974.04.
ServiceNow Price Performance
Shares of ServiceNow stock opened at $1,045.53 on Thursday. 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, Inc. has a 52-week low of $637.99 and a 52-week high of $1,061.66. The company has a fifty day moving average of $920.45 and a 200-day moving average of $818.12. The stock has a market capitalization of $215.38 billion, a price-to-earnings ratio of 162.60, a price-to-earnings-growth ratio of 6.02 and a beta of 0.98.
ServiceNow (NYSE:NOW – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period last year, the firm earned $1.21 earnings per share. Equities research analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.
Insider Activity
In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,027,502.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares in the company, valued at approximately $43,740,630.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,259 shares of company stock valued at $4,955,741. 0.25% of the stock is currently owned by company 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.
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