Principal Financial Group Inc. Lowers Stake in ServiceNow, Inc. (NYSE:NOW)

Principal Financial Group Inc. reduced its position in ServiceNow, Inc. (NYSE:NOW) by 1.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 243,607 shares of the information technology services provider’s stock after selling 3,615 shares during the quarter. Principal Financial Group Inc.’s holdings in ServiceNow were worth $217,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LRI Investments LLC increased its stake in ServiceNow by 722.6% in the 2nd quarter. LRI Investments LLC now owns 946 shares of the information technology services provider’s stock worth $745,000 after buying an additional 831 shares in the last quarter. Capital Insight Partners LLC boosted its stake in shares of ServiceNow by 2.5% in the second quarter. Capital Insight Partners LLC now owns 1,410 shares of the information technology services provider’s stock worth $1,109,000 after acquiring an additional 35 shares during the period. AMI Asset Management Corp purchased a new stake in shares of ServiceNow during the second quarter worth about $18,787,000. First National Bank of Hutchinson raised its stake in ServiceNow by 53.4% during the 2nd quarter. First National Bank of Hutchinson now owns 1,882 shares of the information technology services provider’s stock valued at $1,481,000 after purchasing an additional 655 shares during the period. Finally, Fullcircle Wealth LLC purchased a new position in ServiceNow in the 2nd quarter worth approximately $395,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other news, Director Paul Edward Chamberlain sold 300 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the transaction, the director now owns 10,467 shares in the company, valued at approximately $10,968,892.65. This trade represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $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. Over the last three months, insiders have sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NOW opened at $1,074.87 on Friday. 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 business has a fifty day moving average of $1,020.19 and a 200 day moving average of $882.14. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,157.90. The stock has a market cap of $221.42 billion, a P/E ratio of 167.17, a PEG ratio of 6.43 and a beta of 0.99.

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, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Canaccord Genuity Group lifted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. BMO Capital Markets increased their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Piper Sandler lifted their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Robert W. Baird increased their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,034.96.

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.