Summit Trail Advisors LLC Sells 2,335 Shares of ServiceNow, Inc. (NYSE:NOW)

Summit Trail Advisors LLC cut its holdings in ServiceNow, Inc. (NYSE:NOWFree Report) by 59.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,586 shares of the information technology services provider’s stock after selling 2,335 shares during the quarter. Summit Trail Advisors LLC’s holdings in ServiceNow were worth $887,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of ServiceNow by 96,156.9% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 23,469,361 shares of the information technology services provider’s stock worth $13,189,077,000 after purchasing an additional 23,444,979 shares during the last quarter. State Street Corp grew its stake in ServiceNow by 2.0% in the second quarter. State Street Corp now owns 8,240,319 shares of the information technology services provider’s stock valued at $4,630,812,000 after purchasing an additional 158,165 shares during the last quarter. Morgan Stanley grew its stake in ServiceNow by 4.3% in the fourth quarter. Morgan Stanley now owns 7,071,786 shares of the information technology services provider’s stock valued at $2,745,763,000 after purchasing an additional 288,522 shares during the last quarter. Capital International Investors grew its stake in shares of ServiceNow by 3.2% during the second quarter. Capital International Investors now owns 4,060,299 shares of the information technology services provider’s stock worth $2,281,477,000 after acquiring an additional 126,326 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of ServiceNow by 3.1% during the second quarter. Geode Capital Management LLC now owns 3,702,485 shares of the information technology services provider’s stock worth $2,074,319,000 after acquiring an additional 112,544 shares during the last quarter. 87.14% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

ServiceNow stock opened at $729.18 on Friday. The firm’s 50 day simple moving average is $681.11 and its 200 day simple moving average is $606.55. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $149.48 billion, a PE ratio of 94.45, a price-to-earnings-growth ratio of 4.77 and a beta of 1.05. ServiceNow, Inc. has a 1-year low of $405.37 and a 1-year high of $734.30.

ServiceNow (NYSE:NOWGet Free Report) last released its earnings results on Wednesday, October 25th. The information technology services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $0.89 by $0.32. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.27 billion. ServiceNow had a net margin of 18.72% and a return on equity of 12.25%. As a group, analysts expect that ServiceNow, Inc. will post 4.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NOW shares. Stifel Nicolaus boosted their price target on ServiceNow from $650.00 to $740.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company increased their target price on ServiceNow from $675.00 to $725.00 and gave the stock an “overweight” rating in a research note on Thursday, November 30th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Thursday, October 26th. Morgan Stanley raised their target price on ServiceNow from $630.00 to $648.00 and gave the stock an “overweight” rating in a research report on Thursday, October 26th. Finally, Citigroup dropped their price target on ServiceNow from $734.00 to $700.00 and set a “buy” rating on the stock in a research note on Thursday, October 19th. Two research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $624.29.

Read Our Latest Research Report on ServiceNow

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 752 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $672.54, for a total value of $505,750.08. Following the completion of the sale, the insider now directly owns 1,795 shares of the company’s stock, valued at approximately $1,207,209.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Gina Mastantuono sold 1,178 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $581.00, for a total transaction of $684,418.00. Following the sale, the chief financial officer now owns 7,924 shares of the company’s stock, valued at $4,603,844. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul John Smith sold 752 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $672.54, for a total transaction of $505,750.08. Following the sale, the insider now directly owns 1,795 shares in the company, valued at approximately $1,207,209.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,997 shares of company stock valued at $6,496,675. Company insiders own 0.24% of the company’s stock.

About ServiceNow

(Free Report)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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