Truist Financial Corp Trims Stake in ServiceNow, Inc. (NYSE:NOW)

Truist Financial Corp lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 4.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 63,202 shares of the information technology services provider’s stock after selling 3,099 shares during the quarter. Truist Financial Corp’s holdings in ServiceNow were worth $49,719,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of NOW. Creekmur Asset Management LLC purchased a new position in ServiceNow in the first quarter valued at about $25,000. Versant Capital Management Inc raised its stake in shares of ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $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 worth $30,000 after buying an additional 39 shares during the last quarter. University of Texas Texas AM Investment Managment Co. acquired a new stake in ServiceNow during the fourth quarter worth about $29,000. Finally, Ridgewood Investments LLC acquired a new position in shares of ServiceNow in the 2nd quarter valued at $32,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In other ServiceNow news, insider Paul John Smith sold 187 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the sale, the insider now owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Paul John Smith sold 187 shares of ServiceNow stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now directly owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction dated 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 transaction, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,914 shares of company stock valued at $5,608,936. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NOW. Piper Sandler lifted their target price on shares of ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Citigroup boosted their price objective on ServiceNow from $909.00 to $911.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Truist Financial raised their target price on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Needham & Company LLC reiterated a “buy” rating and set a $900.00 price target on shares of ServiceNow in a research report on Monday, September 9th. Finally, Stifel Nicolaus increased their price objective on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $855.44.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $880.63 on Thursday. The business’s fifty day simple moving average is $845.39 and its 200-day simple moving average is $778.69. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The firm has a market cap of $180.53 billion, a PE ratio of 94.19, a price-to-earnings-growth ratio of 5.55 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $945.46.

ServiceNow (NYSE:NOW) last posted its earnings results 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 net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. Equities analysts forecast that ServiceNow, Inc. will post 6.78 earnings per share for the current 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.