Oppenheimer & Co. Inc. Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Oppenheimer & Co. Inc. lowered its position in ServiceNow, Inc. (NYSE:NOW) by 14.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,766 shares of the information technology services provider’s stock after selling 985 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in ServiceNow were worth $5,157,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the first quarter worth about $25,000. Versant Capital Management Inc lifted its position in ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the period. EntryPoint Capital LLC grew its stake in shares of ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 39 shares during the last quarter. Ridgewood Investments LLC acquired a new position in shares of ServiceNow in the second quarter valued at approximately $32,000. Finally, DT Investment Partners LLC raised its stake in shares of ServiceNow by 77.3% during the third 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 last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The trade was a 2.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,027,502.32. This trade represents a 33.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,325 shares of company stock valued at $5,024,928. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOW. Evercore ISI lifted their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial lifted their target price on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. UBS Group increased their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Finally, Barclays raised their price target on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $974.04.

ServiceNow Price Performance

NOW stock opened at $1,039.74 on Friday. The stock has a market capitalization of $214.19 billion, a price-to-earnings ratio of 161.70, a price-to-earnings-growth ratio of 6.00 and a beta of 0.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,061.66. The stock’s fifty day simple moving average is $924.67 and its 200-day simple moving average is $819.71.

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

About ServiceNow

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.