Farmers Trust Co. Trims Stock Position in ServiceNow, Inc. (NYSE:NOW)

Farmers Trust Co. lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 17.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 202 shares of the information technology services provider’s stock after selling 43 shares during the period. Farmers Trust Co.’s holdings in ServiceNow were worth $214,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Coldstream Capital Management Inc. grew its stake in shares of ServiceNow by 1.4% during the 2nd quarter. Coldstream Capital Management Inc. now owns 3,573 shares of the information technology services provider’s stock worth $2,811,000 after purchasing an additional 51 shares during the period. MGO One Seven LLC grew its position in ServiceNow by 39.8% during the second quarter. MGO One Seven LLC now owns 2,787 shares of the information technology services provider’s stock valued at $2,192,000 after buying an additional 794 shares during the period. Morling Financial Advisors LLC increased its holdings in ServiceNow by 2.5% in the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after buying an additional 13 shares in the last quarter. Brasada Capital Management LP boosted its stake in shares of ServiceNow by 1.6% during the 2nd quarter. Brasada Capital Management LP now owns 3,837 shares of the information technology services provider’s stock worth $2,874,000 after acquiring an additional 61 shares in the last quarter. Finally, Angeles Wealth Management LLC grew its position in shares of ServiceNow by 15.7% during the 2nd quarter. Angeles Wealth Management LLC now owns 1,248 shares of the information technology services provider’s stock valued at $982,000 after acquiring an additional 169 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. The trade was a 2.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,629 shares of company stock worth $20,861,626. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Scotiabank assumed coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Royal Bank of Canada boosted their price target on shares of ServiceNow from $1,045.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Piper Sandler increased their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday. Finally, Barclays boosted their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,061.04.

ServiceNow Stock Down 0.6 %

Shares of NYSE NOW opened at $1,048.05 on Thursday. The company has a market capitalization of $215.90 billion, a P/E ratio of 162.99, a P/E/G ratio of 6.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The company has a 50 day simple moving average of $1,060.09 and a 200-day simple moving average of $918.90. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,157.90.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the firm earned $1.21 earnings per share. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, equities research analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

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.