ServiceNow, Inc. (NYSE:NOW) is Portside Wealth Group LLC’s 7th Largest Position

Portside Wealth Group LLC trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.2% during the fourth quarter, Holdings Channel reports. The firm owned 9,224 shares of the information technology services provider’s stock after selling 110 shares during the quarter. ServiceNow makes up approximately 1.7% of Portside Wealth Group LLC’s portfolio, making the stock its 7th biggest holding. Portside Wealth Group LLC’s holdings in ServiceNow were worth $9,779,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Polymer Capital Management HK LTD increased its position in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares during the period. AXA S.A. increased its holdings in ServiceNow by 1.1% during the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after purchasing an additional 4,271 shares during the period. Avidian Wealth Enterprises LLC raised its position in ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after purchasing an additional 138 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in shares of ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after buying an additional 765 shares during the period. Finally, Cardano Risk Management B.V. acquired a new position in shares of ServiceNow during the fourth quarter worth about $105,090,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOW. Royal Bank of Canada lifted their price target on shares of ServiceNow from $1,045.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. JMP Securities increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $900.00 to $960.00 in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,080.38.

ServiceNow Price Performance

ServiceNow stock opened at $1,072.02 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,157.90. The company has a market cap of $220.84 billion, a P/E ratio of 166.72, a price-to-earnings-growth ratio of 4.65 and a beta of 0.99. The business has a fifty day moving average of $1,069.67 and a two-hundred day moving average of $931.27.

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

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is owned by corporate insiders.

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.