PGGM Investments Cuts Position in ServiceNow, Inc. (NYSE:NOW)

PGGM Investments cut its position in ServiceNow, Inc. (NYSE:NOW) by 24.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 3,115 shares of the information technology services provider’s stock after selling 1,015 shares during the period. PGGM Investments’ holdings in ServiceNow were worth $2,450,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dakota Wealth Management raised its stake in shares of ServiceNow by 7.4% in the fourth quarter. Dakota Wealth Management now owns 21,024 shares of the information technology services provider’s stock valued at $14,853,000 after acquiring an additional 1,450 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of ServiceNow by 1.8% in the 4th quarter. Mackenzie Financial Corp now owns 102,605 shares of the information technology services provider’s stock valued at $72,489,000 after buying an additional 1,861 shares during the period. Sentry Investment Management LLC grew its position in shares of ServiceNow by 57.5% during the fourth quarter. Sentry Investment Management LLC now owns 1,854 shares of the information technology services provider’s stock worth $1,310,000 after buying an additional 677 shares in the last quarter. Keel Point LLC increased its stake in shares of ServiceNow by 3.3% during the fourth quarter. Keel Point LLC now owns 626 shares of the information technology services provider’s stock worth $442,000 after buying an additional 20 shares during the period. Finally, Private Client Services LLC acquired a new stake in ServiceNow in the fourth quarter valued at approximately $857,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of analyst reports. KeyCorp reduced their price objective on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Stifel Nicolaus raised their price target on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Wolfe Research reissued an “outperform” rating and set a $830.00 target price on shares of ServiceNow in a research report on Friday, May 10th. Finally, Royal Bank of Canada upped their price target on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $842.22.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 804 shares of ServiceNow stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,457,924. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Paul John Smith sold 187 shares of ServiceNow stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $795.58, for a total transaction of $148,773.46. Following the sale, the insider now directly owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,457,924. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,943 shares of company stock valued at $7,566,635. 0.25% of the stock is owned by corporate insiders.

ServiceNow Price Performance

NOW stock traded up $12.98 during trading on Thursday, reaching $832.00. 349,572 shares of the company were exchanged, compared to its average volume of 1,320,282. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $850.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $170.56 billion, a P/E ratio of 87.60, a PEG ratio of 4.82 and a beta of 0.99. The stock’s 50 day moving average price is $765.31 and its 200 day moving average price is $756.61.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the business posted $0.77 EPS. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, analysts predict that ServiceNow, Inc. will post 6.84 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.