ServiceNow, Inc. (NYSE:NOW) Stake Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 243,607 shares of the information technology services provider’s stock after selling 3,615 shares during the quarter. Principal Financial Group Inc. owned 0.12% of ServiceNow worth $217,880,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Catalyst Financial Partners LLC grew its position in ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after buying an additional 11 shares during the last quarter. First Affirmative Financial Network lifted its holdings in shares of ServiceNow by 1.4% during the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after purchasing an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC boosted its position in shares of ServiceNow by 14.6% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the period. 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 purchasing an additional 13 shares in the last quarter. Finally, CX Institutional raised its holdings in ServiceNow by 1.2% during the 3rd quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after buying an additional 13 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 2.1 %

Shares of NOW stock opened at $1,015.45 on Friday. The firm has a market cap of $209.18 billion, a PE ratio of 157.92, a price-to-earnings-growth ratio of 5.48 and a beta of 0.98. ServiceNow, Inc. has a 12 month low of $615.54 and a 12 month high of $1,024.44. The stock has a 50 day moving average of $905.83 and a 200-day moving average of $809.18. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.21 EPS. On average, equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current year.

Analyst Ratings Changes

NOW has been the subject of several recent analyst reports. TD Cowen raised their target price on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Jefferies Financial Group boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Piper Sandler raised their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wells Fargo & Company upped their price target on ServiceNow from $1,025.00 to $1,050.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, Canaccord Genuity Group raised their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $970.33.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 804 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total value of $652,848.00. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,457,924. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, Director Paul Edward Chamberlain sold 135 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total value of $110,970.00. Following the transaction, the director now owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 804 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total transaction 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,343 shares of company stock worth $2,791,181 over the last three months. 0.25% of the stock is currently owned by corporate 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.