Panagora Asset Management Inc. Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Panagora Asset Management Inc. trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 37.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 43,201 shares of the information technology services provider’s stock after selling 25,671 shares during the quarter. Panagora Asset Management Inc.’s holdings in ServiceNow were worth $30,521,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc increased its position in ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares in the last quarter. Disciplined Equity Management Inc. acquired a new position in shares of ServiceNow during the 4th quarter valued at $35,000. OFI Invest Asset Management purchased a new stake in ServiceNow during the 3rd quarter worth $41,000. Fortitude Family Office LLC acquired a new stake in ServiceNow in the 4th quarter valued at $41,000. Finally, Oliver Lagore Vanvalin Investment Group raised its position in ServiceNow by 30.4% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 14 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 0.9 %

Shares of ServiceNow stock opened at $764.73 on Friday. ServiceNow, Inc. has a 1-year low of $494.13 and a 1-year high of $815.32. The company has a market capitalization of $156.77 billion, a P/E ratio of 81.79, a PEG ratio of 4.76 and a beta of 0.98. The business’s fifty day moving average price is $747.66 and its two-hundred day moving average price is $725.70. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. As a group, research analysts forecast that ServiceNow, Inc. will post 6.49 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NOW shares. Truist Financial raised their price target on shares of ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a report on Thursday, January 25th. UBS Group reduced their price target on ServiceNow from $920.00 to $875.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Wolfe Research reaffirmed an “outperform” rating and issued a $830.00 target price on shares of ServiceNow in a research report on Friday, May 10th. Royal Bank of Canada increased their target price on ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Finally, Citigroup lifted their price target on shares of ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $808.73.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Paul John Smith sold 190 shares of ServiceNow stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $718.78, for a total value of $136,568.20. Following the transaction, the insider now directly owns 3,010 shares in the company, valued at approximately $2,163,527.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 10,504 shares of company stock valued at $7,860,589 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Company 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.