Principal Street Partners LLC Sells 531 Shares of ServiceNow, Inc. (NYSE:NOW)

by · The Cerbat Gem

Principal Street Partners LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 33.1% during the 3rd quarter, Holdings Channel reports. The firm owned 1,071 shares of the information technology services provider’s stock after selling 531 shares during the quarter. Principal Street Partners LLC’s holdings in ServiceNow were worth $937,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Brooklyn Investment Group boosted its holdings in shares of ServiceNow by 19.3% during the 3rd quarter. Brooklyn Investment Group now owns 1,263 shares of the information technology services provider’s stock worth $1,130,000 after buying an additional 204 shares in the last quarter. FMR LLC lifted its position in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after acquiring an additional 502,845 shares during the period. Dai ichi Life Insurance Company Ltd boosted its stake in ServiceNow by 6.7% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 32,757 shares of the information technology services provider’s stock worth $29,298,000 after acquiring an additional 2,047 shares in the last quarter. West Tower Group LLC acquired a new stake in ServiceNow in the third quarter worth $447,000. Finally, Bank of Montreal Can increased its position in ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after buying an additional 935,848 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,787 shares of company stock worth $17,841,028. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. 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. Mizuho upped their target price on shares of ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Wells Fargo & Company raised their price objective on ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Tuesday, November 12th. Evercore ISI lifted their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Needham & Company LLC increased their target price on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a report on Monday. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $989.07.

View Our Latest Stock Report on ServiceNow

ServiceNow Trading Down 0.7 %

Shares of NOW opened at $1,052.71 on Tuesday. The stock has a market capitalization of $216.86 billion, a P/E ratio of 163.74, a PEG ratio of 6.09 and a beta of 0.98. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,068.88. 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 fifty day simple moving average of $951.73 and a two-hundred day simple moving average of $838.61.

ServiceNow (NYSE:NOW – Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 EPS. On average, research analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

ServiceNow Profile

(Free Report)

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.

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