Patron Partners LLC Trims Stock Position in ServiceNow, Inc. (NYSE:NOW)

Patron Partners LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 760 shares of the information technology services provider’s stock after selling 16 shares during the period. Patron Partners LLC’s holdings in ServiceNow were worth $680,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of NOW. Creekmur Asset Management LLC purchased a new stake in shares of ServiceNow during the first quarter valued at approximately $25,000. Versant Capital Management Inc increased its holdings 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 purchasing an additional 28 shares during the last quarter. DT Investment Partners LLC boosted its stake in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. EntryPoint Capital LLC grew its position in shares of ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after buying an additional 39 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new stake in shares of ServiceNow in the second quarter worth $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on NOW shares. Needham & Company LLC increased their target price on ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Stifel Nicolaus upped their price objective on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. KeyCorp raised their target price on ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, UBS Group increased their price objective 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $970.33.

ServiceNow Trading Up 2.8 %

Shares of NOW opened at $1,036.73 on Tuesday. The stock’s 50-day moving average price is $916.20 and its 200 day moving average price is $815.82. 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 market capitalization of $213.57 billion, a price-to-earnings ratio of 161.23, a P/E/G ratio of 5.79 and a beta of 0.98. ServiceNow, Inc. has a 12-month low of $632.25 and a 12-month high of $1,038.00.

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

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares in the company, valued at approximately $3,319,372.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Paul Edward Chamberlain sold 135 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total transaction of $110,970.00. Following the sale, the director now directly owns 10,767 shares in the company, valued at $8,850,474. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now owns 4,019 shares in the company, valued at $3,319,372.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,539 shares of company stock valued at $2,138,333 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

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.