Clare Market Investments LLC Cuts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Clare Market Investments LLC trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 16.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,573 shares of the information technology services provider’s stock after selling 510 shares during the period. Clare Market Investments LLC’s holdings in ServiceNow were worth $2,048,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank purchased a new position in shares of ServiceNow in the fourth quarter valued at about $2,603,360,000. Proficio Capital Partners LLC lifted its position in shares of ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow in the fourth quarter valued at about $682,468,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after acquiring an additional 509,467 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $67,518.00. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,096,621. This represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 248 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total value of $250,266.72. Following the completion of the transaction, the director now directly owns 10,643 shares in the company, valued at approximately $10,740,277.02. This trade represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on NOW. Oppenheimer reiterated an “outperform” rating and issued a $1,100.00 target price (up from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $1,003.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Bank of America decreased their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Trading Up 0.1%

NOW opened at $1,012.25 on Thursday. The stock has a market cap of $209.52 billion, a price-to-earnings ratio of 148.21, a P/E/G ratio of 4.51 and a beta of 0.97. The stock’s 50 day moving average price is $910.63 and its 200-day moving average price is $974.82. ServiceNow, Inc. has a one year low of $676.19 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.41 earnings per share. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow Profile

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.