Granite Group Advisors LLC Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

by · The Markets Daily

Granite Group Advisors LLC cut its position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 4.6% during the third quarter, Holdings Channel.com reports. The firm owned 377 shares of the information technology services provider’s stock after selling 18 shares during the quarter. Granite Group Advisors LLC’s holdings in ServiceNow were worth $337,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Quent Capital LLC lifted its stake in shares of ServiceNow by 4.1% in the 1st quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock valued at $587,000 after purchasing an additional 30 shares during the last quarter. Csenge Advisory Group lifted its position in ServiceNow by 2.5% in the first quarter. Csenge Advisory Group now owns 794 shares of the information technology services provider’s stock valued at $605,000 after buying an additional 19 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in ServiceNow by 0.4% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 25,280 shares of the information technology services provider’s stock worth $19,273,000 after buying an additional 100 shares during the period. Wealthspire Advisors LLC increased its position in shares of ServiceNow by 3.4% during the first quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock valued at $1,283,000 after acquiring an additional 56 shares during the last quarter. Finally, Hilltop National Bank purchased a new stake in shares of ServiceNow in the 1st quarter valued at approximately $297,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NOW traded up $2.53 during trading on Friday, hitting $1,017.81. 146,238 shares of the stock were exchanged, compared to its average volume of 1,276,010. The firm has a market capitalization of $209.67 billion, a P/E ratio of 157.92, a PEG ratio of 5.48 and a beta of 0.98. ServiceNow, Inc. has a 1-year low of $615.54 and a 1-year high of $1,024.44. The stock has a fifty day moving average price of $905.83 and a two-hundred day moving average price of $809.18. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW – Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating 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 firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 804 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $2,457,924. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Jacqueline P. Canney sold 804 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total transaction of $652,848.00. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,457,924. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,343 shares of company stock worth $2,791,181. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NOW shares. Barclays lifted their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. JMP Securities lifted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research note on Thursday, October 17th. Canaccord Genuity Group increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Mizuho lifted their target price on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, UBS Group raised their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $970.33.

Get Our Latest Stock Report on ServiceNow

ServiceNow Company Profile

(Free Report)

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.

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