ServiceNow, Inc. (NYSE:NOW) Stock Position Lessened by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC decreased its position in ServiceNow, Inc. (NYSE:NOW) by 26.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,482 shares of the information technology services provider’s stock after selling 539 shares during the quarter. Lake Street Advisors Group LLC’s holdings in ServiceNow were worth $1,166,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NOW. Norges Bank acquired a new stake in shares of ServiceNow in the fourth quarter valued at $1,648,259,000. Swedbank AB purchased a new stake in shares of ServiceNow during the first quarter valued at $897,908,000. Global Assets Advisory LLC purchased a new stake in shares of ServiceNow during the first quarter valued at $403,034,000. Vanguard Group Inc. lifted its holdings in shares of ServiceNow by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after purchasing an additional 331,797 shares during the last quarter. Finally, AustralianSuper Pty Ltd purchased a new stake in shares of ServiceNow during the second quarter valued at $218,786,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $825.04 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market cap of $169.13 billion, a price-to-earnings ratio of 88.24, a P/E/G ratio of 5.13 and a beta of 0.98. The business’s 50-day simple moving average is $799.33 and its 200-day simple moving average is $762.85. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $863.85.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the prior year, the firm posted $0.77 EPS. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, equities research analysts expect that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares in the company, valued at approximately $9,479,250. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other ServiceNow news, Director Paul Edward Chamberlain sold 135 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total value of $110,970.00. Following the completion of the sale, the director now owns 10,767 shares in the company, valued at approximately $8,850,474. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The disclosure for this sale can be found here. Insiders sold a total of 6,914 shares of company stock worth $5,608,936 in the last 90 days. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NOW shares. Wells Fargo & Company upped their target price on ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft upped their target price on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Royal Bank of Canada upped their price target on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Citigroup upped their price target on ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, Piper Sandler upped their price target on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $849.62.

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.