CCLA Investment Management Lowers Stock Position in ServiceNow, Inc. (NYSE:NOW)

CCLA Investment Management trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 27.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,727 shares of the information technology services provider’s stock after selling 33,459 shares during the period. CCLA Investment Management’s holdings in ServiceNow were worth $92,953,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Truvestments Capital LLC purchased a new position in ServiceNow in the third quarter worth $30,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the period. Semmax Financial Advisors Inc. purchased a new position in shares of ServiceNow in the 2nd quarter valued at about $39,000. Oakworth Capital Inc. lifted its stake in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the period. Finally, Dunhill Financial LLC boosted its holdings in ServiceNow by 70.0% during the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after buying an additional 21 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. Citigroup lifted their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Jefferies Financial Group lifted their price objective on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Robert W. Baird upped their target price on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Raymond James started coverage on ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Finally, Needham & Company LLC increased their price objective on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,071.39.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction 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 $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,276 shares of company stock worth $20,535,115. 0.25% of the stock is currently owned by insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,029.85 on Wednesday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90. 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 firm has a market cap of $212.15 billion, a PE ratio of 160.16, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. The business has a 50 day moving average price of $1,066.34 and a two-hundred day moving average price of $927.52.

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

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.