MidWestOne Financial Group Inc. Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

MidWestOne Financial Group Inc. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,109 shares of the information technology services provider’s stock after selling 45 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in ServiceNow were worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Creekmur Asset Management LLC purchased a new stake in ServiceNow during the 1st quarter valued at about $25,000. Versant Capital Management Inc raised its position in ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 28 shares during the last quarter. EntryPoint Capital LLC raised its position in ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 39 shares during the last quarter. University of Texas Texas AM Investment Managment Co. bought a new position in ServiceNow during the 4th quarter valued at approximately $29,000. Finally, Ridgewood Investments LLC bought a new position in ServiceNow during the 2nd quarter valued at approximately $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NOW. Needham & Company LLC reaffirmed a “buy” rating and set a $900.00 price target on shares of ServiceNow in a research report on Monday, September 9th. JPMorgan Chase & Co. upped their price target on ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Wells Fargo & Company upped their price target on ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. KeyCorp lowered their price target on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Finally, Piper Sandler increased their target price on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $855.44.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,914 shares of company stock worth $5,608,936. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $881.79 on Friday. The business’s fifty day simple moving average is $837.59 and its two-hundred day simple moving average is $776.29. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $945.46. The company has a market cap of $180.77 billion, a price-to-earnings ratio of 94.31, a P/E/G ratio of 5.55 and a beta of 0.98.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the business posted $0.77 EPS. The company’s revenue was up 22.2% compared to the same quarter last year. Research analysts anticipate that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

About ServiceNow

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.