ServiceNow, Inc. (NYSE:NOW) Position Cut by FineMark National Bank & Trust

FineMark National Bank & Trust trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 0.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 10,277 shares of the information technology services provider’s stock after selling 83 shares during the quarter. FineMark National Bank & Trust’s holdings in ServiceNow were worth $7,261,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in ServiceNow by 0.7% in the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock worth $9,923,653,000 after acquiring an additional 122,577 shares in the last quarter. FMR LLC raised its holdings in ServiceNow by 17.3% during the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after buying an additional 595,697 shares during the period. Jennison Associates LLC raised its holdings in ServiceNow by 2.2% during the 4th quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after buying an additional 53,719 shares during the period. Norges Bank acquired a new stake in ServiceNow during the 4th quarter worth about $1,648,259,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in ServiceNow by 3.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after buying an additional 81,028 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus reiterated a “buy” rating and issued a $820.00 target price on shares of ServiceNow in a report on Wednesday, March 20th. KeyCorp decreased their target price on ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Needham & Company LLC reiterated a “buy” rating and set a $900.00 price target on shares of ServiceNow in a report on Tuesday, May 7th. Jefferies Financial Group upped their target price on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada upped 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. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $808.73.

ServiceNow Stock Performance

Shares of NYSE NOW traded down $10.32 during midday trading on Thursday, hitting $760.51. 602,026 shares of the company’s stock were exchanged, compared to its average volume of 1,194,460. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. ServiceNow, Inc. has a 12 month low of $494.13 and a 12 month high of $815.32. The company’s 50 day moving average price is $747.63 and its 200 day moving average price is $730.35. The firm has a market capitalization of $155.90 billion, a PE ratio of 82.22, a price-to-earnings-growth ratio of 4.87 and a beta of 0.98.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 EPS for the quarter, topping the consensus estimate of $1.41 by $0.41. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. As a group, analysts predict that ServiceNow, Inc. will post 6.5 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In related news, insider Paul John Smith sold 190 shares of the business’s 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 completion of the sale, the insider now directly owns 3,010 shares in the company, valued at approximately $2,163,527.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 917 shares of company stock worth $690,880. 0.25% of the stock is owned by company insiders.

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.