TCW Group Inc. cut its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 6.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 587,438 shares of the information technology services provider's stock after selling 41,610 shares during the period. ServiceNow makes up 3.7% of TCW Group Inc.'s portfolio, making the stock its 2nd largest holding. TCW Group Inc. owned about 0.29% of ServiceNow worth $279,338,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the company. Hancock Whitney Corp lifted its position in shares of ServiceNow by 3.3% in the 1st quarter. Hancock Whitney Corp now owns 1,977 shares of the information technology services provider's stock worth $1,101,000 after purchasing an additional 64 shares during the period. Prospera Financial Services Inc purchased a new stake in shares of ServiceNow in the 1st quarter worth approximately $996,000. Brookstone Capital Management lifted its position in shares of ServiceNow by 5.1% in the 2nd quarter. Brookstone Capital Management now owns 1,690 shares of the information technology services provider's stock worth $835,000 after purchasing an additional 82 shares during the period. Allworth Financial LP lifted its position in shares of ServiceNow by 50.2% in the 2nd quarter. Allworth Financial LP now owns 422 shares of the information technology services provider's stock worth $201,000 after purchasing an additional 141 shares during the period. Finally, Exane Derivatives lifted its position in shares of ServiceNow by 7.0% in the 1st quarter. Exane Derivatives now owns 1,447 shares of the information technology services provider's stock worth $806,000 after purchasing an additional 95 shares during the period. 87.49% of the stock is owned by hedge funds and other institutional investors.
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Analyst Upgrades and Downgrades
NOW has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of ServiceNow from $600.00 to $550.00 and set an "overweight" rating for the company in a research note on Thursday, July 28th. Cowen reduced their price objective on shares of ServiceNow from $590.00 to $580.00 and set an "outperform" rating for the company in a research note on Thursday, July 28th. Truist Financial reduced their price objective on shares of ServiceNow from $600.00 to $550.00 and set a "buy" rating for the company in a research note on Thursday, July 28th. Guggenheim assumed coverage on shares of ServiceNow in a research note on Friday, August 12th. They set a "neutral" rating and a $510.00 price objective for the company. Finally, JMP Securities cut their price target on shares of ServiceNow from $705.00 to $553.00 and set a "market outperform" rating on the stock in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company's stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $593.29.
ServiceNow Trading Up 2.3 %
ServiceNow stock traded up $8.82 during midday trading on Wednesday, hitting $387.77. 36,198 shares of the stock were exchanged, compared to its average volume of 1,488,610. ServiceNow, Inc. has a fifty-two week low of $367.71 and a fifty-two week high of $707.60. The stock has a market capitalization of $78.33 billion, a price-to-earnings ratio of 416.43, a PEG ratio of 7.53 and a beta of 0.94. The stock's 50-day simple moving average is $451.49 and its 200 day simple moving average is $475.69. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow had a net margin of 2.79% and a return on equity of 7.22%. The firm had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.76 billion. During the same period last year, the business earned $0.38 earnings per share. ServiceNow's revenue was up 24.3% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 1.72 EPS for the current year.
Insider Buying and Selling at ServiceNow
In other news, Director Frederic B. Luddy sold 6,600 shares of the firm's stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now owns 33,600 shares of the company's stock, valued at $16,699,536. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Frederic B. Luddy sold 6,600 shares of the firm's stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now owns 33,600 shares of the company's stock, valued at $16,699,536. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 4,812 shares of the firm's stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $438.99, for a total transaction of $2,112,419.88. Following the completion of the transaction, the general counsel now directly owns 9,293 shares of the company's stock, valued at approximately $4,079,534.07. The disclosure for this sale can be found here. Insiders sold a total of 32,922 shares of company stock worth $15,146,557 over the last three months. Insiders own 0.28% of the company's stock.
About ServiceNow
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ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
Further Reading
- Get a free copy of the StockNews.com research report on ServiceNow (NOW)
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