Ethic Inc. Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Ethic Inc. lowered its position in ServiceNow, Inc. (NYSE:NOW) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,099 shares of the information technology services provider’s stock after selling 648 shares during the quarter. Ethic Inc.’s holdings in ServiceNow were worth $20,369,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock worth $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. GAMMA Investing LLC increased its position in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in ServiceNow by 3.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider’s stock worth $2,814,433,000 after purchasing an additional 87,876 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in ServiceNow by 4.9% during the 4th quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider’s stock worth $2,484,752,000 after purchasing an additional 109,293 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 292 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $878.39, for a total value of $256,489.88. Following the transaction, the chief financial officer directly owned 11,551 shares of the company’s stock, valued at $10,146,282.89. This represents a 2.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lawrence Jackson sold 757 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the transaction, the director directly owned 588 shares in the company, valued at approximately $582,414. The trade was a 56.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,738 shares of company stock worth $5,713,973 over the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NOW shares. UBS Group dropped their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating for the company in a research report on Thursday, July 24th. Stifel Nicolaus lifted their price objective on ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their price objective on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Bank of America lifted their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Finally, TD Securities restated a “buy” rating and issued a $1,100.00 price target on shares of ServiceNow in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,115.20.

ServiceNow Stock Performance

ServiceNow stock opened at $850.49 on Friday. The stock’s 50 day moving average price is $970.30 and its 200 day moving average price is $937.15. The firm has a market capitalization of $176.90 billion, a PE ratio of 107.12, a price-to-earnings-growth ratio of 3.89 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the company posted $3.13 EPS. ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.