Absoluto Partners Gestao de Recursos Ltda Sells 379 Shares of ServiceNow, Inc. (NYSE:NOW)

Absoluto Partners Gestao de Recursos Ltda reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 15.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,056 shares of the information technology services provider’s stock after selling 379 shares during the period. ServiceNow makes up approximately 1.0% of Absoluto Partners Gestao de Recursos Ltda’s holdings, making the stock its 14th biggest holding. Absoluto Partners Gestao de Recursos Ltda’s holdings in ServiceNow were worth $1,674,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Swedbank AB bought a new position in ServiceNow in the first quarter valued at approximately $897,908,000. Global Assets Advisory LLC acquired a new position in ServiceNow during the first quarter worth $403,034,000. Vanguard Group Inc. raised its position in 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 worth $14,066,715,000 after acquiring an additional 331,797 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in ServiceNow in the second quarter valued at $218,786,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of ServiceNow by 18.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after acquiring an additional 271,153 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $900.00 target price on shares of ServiceNow in a research note on Monday, September 9th. BMO Capital Markets raised their target price on shares of ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Truist Financial upped their price target on shares of ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Robert W. Baird raised their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, TD Cowen upped their target price on ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $855.44.

ServiceNow Stock Down 0.2 %

Shares of NOW opened at $923.60 on Wednesday. The firm has a 50 day simple moving average of $828.97 and a two-hundred day simple moving average of $773.93. The company has a market cap of $190.26 billion, a P/E ratio of 98.78, a P/E/G ratio of 5.55 and a beta of 0.98. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $945.46. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the company earned $0.77 EPS. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. Research analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In related news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the sale, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is currently owned by 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.