ServiceNow, Inc. (NYSE:NOW) Stake Reduced by Edgewood Management LLC

Edgewood Management LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 8.3% during the third quarter, Holdings Channel.com reports. The firm owned 2,371,892 shares of the information technology services provider’s stock after selling 214,365 shares during the period. ServiceNow accounts for about 5.7% of Edgewood Management LLC’s portfolio, making the stock its 3rd largest position. Edgewood Management LLC’s holdings in ServiceNow were worth $2,121,396,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Catalyst Financial Partners LLC raised its stake in ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after purchasing an additional 11 shares during the period. First Affirmative Financial Network increased its stake in ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock worth $801,000 after acquiring an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC increased its stake in ServiceNow by 14.6% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after acquiring an additional 12 shares during the last quarter. BluePointe Capital Management LLC increased its stake in ServiceNow by 0.6% in the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after acquiring an additional 12 shares during the last quarter. Finally, Morling Financial Advisors LLC increased its stake in ServiceNow by 2.5% in the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after acquiring an additional 13 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Up 2.5 %

Shares of NYSE NOW opened at $1,048.34 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $944.90 and a two-hundred day simple moving average of $832.32. The firm has a market cap of $215.96 billion, a PE ratio of 163.04, a price-to-earnings-growth ratio of 5.87 and a beta of 0.98. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,061.66.

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

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of research reports. Needham & Company LLC lifted their price objective on ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. BMO Capital Markets lifted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. KeyCorp lifted their price objective on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Citigroup lifted their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $986.39.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. This represents a 33.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 19,644 shares of company stock valued at $19,381,744. Corporate insiders own 0.25% of the company’s stock.

ServiceNow 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.