5,430 ServiceNow, Inc. $NOW Shares Sold by Torrey Growth & Income Advisors

Torrey Growth & Income Advisors lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 162,450 shares of the information technology services provider’s stock after selling 5,430 shares during the period. ServiceNow makes up about 6.7% of Torrey Growth & Income Advisors’ portfolio, making the stock its 3rd biggest position. Torrey Growth & Income Advisors’ holdings in ServiceNow were worth $21,604,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of ServiceNow during the second quarter valued at $9,536,615,000. Bank of New York Mellon Corp acquired a new position in shares of ServiceNow in the 2nd quarter valued at $712,573,000. Legal & General Group Plc acquired a new position in shares of ServiceNow in the 2nd quarter valued at $641,888,000. Bank of America Corp DE acquired a new position in shares of ServiceNow in the 2nd quarter valued at $627,355,000. Finally, Deutsche Bank AG purchased a new position in ServiceNow in the 2nd quarter worth $595,157,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 0.9%

Shares of ServiceNow stock opened at $102.86 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a fifty day moving average price of $135.47 and a 200 day moving average price of $114.69. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $175.00. The stock has a market cap of $106.77 billion, a PE ratio of 74.00, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.82 earnings per share. Equities research analysts predict that ServiceNow, Inc. will post 2.12 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 7,847 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the sale, the insider owned 30,042 shares in the company, valued at $4,145,796. This represents a 20.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 2,034 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $147.87, for a total value of $300,767.58. Following the sale, the insider directly owned 18,305 shares in the company, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 14,081 shares of company stock worth $1,937,904. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. DA Davidson set a $170.00 price target on ServiceNow and gave the stock a “buy” rating in a research report on Monday, July 20th. Guggenheim reiterated a “buy” rating and set a $175.00 price target (up from $125.00) on shares of ServiceNow in a research note on Friday, October 23rd. Piper Sandler reissued an “overweight” rating and issued a $175.00 price objective on shares of ServiceNow in a report on Thursday, October 29th. Canaccord Genuity Group set a $145.00 price objective on ServiceNow in a research note on Thursday, October 29th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $154.50.

ServiceNow Company Profile

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.