Chesapeake Wealth Management Sells 16 Shares of ServiceNow, Inc. (NYSE:NOW)

Chesapeake Wealth Management lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 5.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 307 shares of the information technology services provider’s stock after selling 16 shares during the quarter. Chesapeake Wealth Management’s holdings in ServiceNow were worth $275,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Caprock Group LLC grew its holdings in ServiceNow by 4.6% during the third quarter. Caprock Group LLC now owns 4,177 shares of the information technology services provider’s stock valued at $3,737,000 after purchasing an additional 183 shares during the last quarter. Pathstone Holdings LLC grew its holdings in ServiceNow by 1.1% during the third quarter. Pathstone Holdings LLC now owns 33,833 shares of the information technology services provider’s stock valued at $30,260,000 after purchasing an additional 381 shares during the last quarter. Aviance Capital Partners LLC acquired a new position in ServiceNow during the third quarter valued at approximately $2,806,000. Baron Wealth Management LLC grew its holdings in ServiceNow by 7.5% during the third quarter. Baron Wealth Management LLC now owns 959 shares of the information technology services provider’s stock valued at $858,000 after purchasing an additional 67 shares during the last quarter. Finally, Meeder Advisory Services Inc. grew its holdings in ServiceNow by 1.0% during the third quarter. Meeder Advisory Services Inc. now owns 4,273 shares of the information technology services provider’s stock valued at $3,822,000 after purchasing an additional 44 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on NOW shares. Robert W. Baird increased their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Piper Sandler raised their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Canaccord Genuity Group raised their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. KeyCorp raised their price objective on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Needham & Company LLC raised their price objective on shares of ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $974.04.

Insider Activity at ServiceNow

In related news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. This trade represents a 33.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,231 shares of company stock valued at $4,947,292 over the last ninety days. 0.25% of the stock is owned by insiders.

ServiceNow Stock Down 0.7 %

Shares of NYSE NOW opened at $1,004.53 on Tuesday. The business has a fifty day moving average of $935.45 and a two-hundred day moving average of $827.30. 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 stock has a market cap of $206.93 billion, a PE ratio of 156.23, a PEG ratio of 5.80 and a beta of 0.98.

ServiceNow (NYSE:NOW) last released its quarterly earnings results 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. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the business posted $1.21 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, equities research analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

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.