BlackRock Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,501,517 shares of the information technology services provider’s stock after selling 337,997 shares during the period. BlackRock Inc. owned about 7.60% of ServiceNow worth $7,203,865,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in ServiceNow by 5.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,835,423 shares of the information technology services provider’s stock valued at $5,760,149,000 after purchasing an additional 727,494 shares during the last quarter. Morgan Stanley boosted its stake in shares of ServiceNow by 4.3% during the 4th quarter. Morgan Stanley now owns 7,071,786 shares of the information technology services provider’s stock valued at $2,745,763,000 after buying an additional 288,522 shares during the last quarter. Polen Capital Management LLC grew its position in shares of ServiceNow by 12.6% during the fourth quarter. Polen Capital Management LLC now owns 4,452,974 shares of the information technology services provider’s stock worth $1,728,956,000 after buying an additional 499,675 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of ServiceNow by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,510,904 shares of the information technology services provider’s stock worth $1,360,578,000 after buying an additional 90,337 shares during the last quarter. Finally, FMR LLC raised its holdings in ServiceNow by 7.7% in the first quarter. FMR LLC now owns 2,272,889 shares of the information technology services provider’s stock valued at $1,056,257,000 after acquiring an additional 161,620 shares in the last quarter. 87.14% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In related news, COO Chirantan Jitendra Desai sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $592.10, for a total transaction of $2,664,450.00. Following the completion of the sale, the chief operating officer now directly owns 41,307 shares in the company, valued at $24,457,874.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Chirantan Jitendra Desai sold 4,500 shares of the stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $592.10, for a total value of $2,664,450.00. Following the completion of the transaction, the chief operating officer now owns 41,307 shares in the company, valued at approximately $24,457,874.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 91 shares of ServiceNow stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $535.10, for a total value of $48,694.10. Following the completion of the transaction, the general counsel now directly owns 4,225 shares in the company, valued at approximately $2,260,797.50. The disclosure for this sale can be found here. Insiders sold a total of 17,951 shares of company stock valued at $10,147,437 over the last ninety days. Insiders own 0.28% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock traded down $1.12 during trading on Wednesday, hitting $596.04. The stock had a trading volume of 202,145 shares, compared to its average volume of 1,483,811. The business has a fifty day moving average of $568.15 and a two-hundred day moving average of $509.75. ServiceNow, Inc. has a fifty-two week low of $337.00 and a fifty-two week high of $614.36. The firm has a market cap of $121.44 billion, a P/E ratio of 85.83, a PEG ratio of 5.96 and a beta of 1.01. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.14 and a quick ratio of 1.14.

ServiceNow (NYSE:NOW – Get Free Report) last issued its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.34. ServiceNow had a net margin of 17.76% and a return on equity of 11.07%. The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.13 billion. On average, sell-side analysts expect that ServiceNow, Inc. will post 3.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank of Canada boosted their price objective on ServiceNow from $540.00 to $650.00 and gave the company an “outperform” rating in a report on Monday, July 24th. Mizuho raised their price objective on ServiceNow from $510.00 to $620.00 in a research note on Monday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $660.00 price objective on shares of ServiceNow in a report on Friday, August 4th. KeyCorp increased their target price on shares of ServiceNow from $547.00 to $675.00 and gave the stock an “overweight” rating in a report on Friday, July 21st. Finally, Evercore ISI lifted their price target on shares of ServiceNow from $550.00 to $650.00 and gave the company an “overweight” rating in a report on Tuesday, August 15th. Two equities research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $591.38.

Read Our Latest Stock Report on NOW

ServiceNow Company Profile

(Free Report)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

Further Reading

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