Capital Group Private Client Services Inc. Trims Stock Position in ServiceNow, Inc. $NOW

Capital Group Private Client Services Inc. cut its position in ServiceNow, Inc. (NYSE:NOW) by 66.2% in the third quarter, Holdings Channel reports. The firm owned 29,011 shares of the information technology services provider’s stock after selling 56,740 shares during the period. Capital Group Private Client Services Inc.’s holdings in ServiceNow were worth $26,698,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in ServiceNow by 1.6% in the third quarter. Vanguard Group Inc. now owns 20,210,924 shares of the information technology services provider’s stock valued at $18,599,709,000 after purchasing an additional 315,861 shares during the period. State Street Corp lifted its position in ServiceNow by 1.7% during the 2nd quarter. State Street Corp now owns 9,323,619 shares of the information technology services provider’s stock worth $9,585,426,000 after acquiring an additional 154,307 shares during the period. Geode Capital Management LLC raised its stake in shares of ServiceNow by 2.0% during the second quarter. Geode Capital Management LLC now owns 4,574,563 shares of the information technology services provider’s stock worth $4,684,445,000 after purchasing an additional 88,057 shares during the last quarter. Norges Bank acquired a new position in ServiceNow in the 2nd quarter valued at $2,589,235,000. Finally, Alliancebernstein L.P. raised its position in ServiceNow by 10.2% during the 2nd quarter. Alliancebernstein L.P. now owns 1,910,078 shares of the information technology services provider’s stock worth $1,963,713,000 after buying an additional 177,392 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NOW. Truist Financial set a $175.00 price target on shares of ServiceNow in a report on Thursday, February 5th. HSBC reduced their price target on ServiceNow from $266.40 to $226.00 and set a “buy” rating for the company in a report on Friday, January 30th. Wells Fargo & Company set a $225.00 price objective on ServiceNow and gave the stock an “overweight” rating in a report on Thursday, January 8th. Robert W. Baird set a $175.00 price objective on ServiceNow in a research report on Thursday, January 29th. Finally, DZ Bank upgraded shares of ServiceNow to a “strong-buy” rating in a research report on Thursday, December 18th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $192.06.

Insiders Place Their Bets

In other news, insider Paul Fipps sold 3,696 shares of ServiceNow stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $101.77, for a total value of $376,141.92. Following the completion of the sale, the insider owned 8,061 shares of the company’s stock, valued at $820,367.97. The trade was a 31.44% 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, insider Kevin Thomas Mcbride sold 1,400 shares of the stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $105.71, for a total value of $147,994.00. Following the transaction, the insider owned 26,314 shares in the company, valued at $2,781,652.94. This trade represents a 5.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,237 shares of company stock valued at $1,697,162. Company insiders own 0.34% of the company’s stock.

ServiceNow Trading Down 1.9%

Shares of NOW stock opened at $122.04 on Tuesday. The company has a market capitalization of $127.65 billion, a price-to-earnings ratio of 73.16, a PEG ratio of 2.10 and a beta of 0.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $122.24 and a 200 day moving average price of $156.81. ServiceNow, Inc. has a twelve month low of $98.00 and a twelve month high of $211.48.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.03. The company had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.53 billion. ServiceNow had a net margin of 13.16% and a return on equity of 18.54%. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period last year, the company earned $0.73 EPS. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.