ServiceNow, Inc. (NYSE:NOW) Stock Holdings Lessened by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 4.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,231 shares of the information technology services provider’s stock after selling 116 shares during the period. Pallas Capital Advisors LLC’s holdings in ServiceNow were worth $1,648,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Creekmur Asset Management LLC acquired a new stake in ServiceNow during the 1st quarter worth $25,000. Versant Capital Management Inc grew its position in shares of ServiceNow by 466.7% during the 2nd 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 in the last quarter. University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $29,000. EntryPoint Capital LLC boosted its position in shares of 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 acquiring an additional 39 shares in the last quarter. Finally, Disciplined Equity Management Inc. acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $35,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $5.11 during trading on Tuesday, reaching $837.99. 369,902 shares of the company traded hands, compared to its average volume of 1,311,912. The firm has a 50 day simple moving average of $772.92 and a 200-day simple moving average of $757.59. 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 stock has a market capitalization of $171.79 billion, a PE ratio of 89.60, a P/E/G ratio of 4.82 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $850.33.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm 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 business earned $0.77 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Equities research analysts anticipate that ServiceNow, Inc. will post 6.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. TD Cowen increased their price target on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Piper Sandler increased their price target on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Robert W. Baird increased their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, UBS Group dropped their price objective on shares of ServiceNow from $920.00 to $875.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $849.62.

Insiders Place Their Bets

In related news, Director Frederic B. Luddy sold 598 shares of ServiceNow stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $741.92, for a total transaction of $443,668.16. Following the transaction, the director now owns 428 shares in the company, valued at $317,541.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Frederic B. Luddy sold 598 shares of ServiceNow stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $741.92, for a total transaction of $443,668.16. Following the transaction, the director now owns 428 shares in the company, valued at $317,541.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kevin Thomas Mcbride sold 100 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $825.00, for a total value of $82,500.00. Following the sale, the insider now directly owns 2,994 shares of the company’s stock, valued at approximately $2,470,050. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,576 shares of company stock worth $7,296,716. 0.25% of the stock is currently owned by company insiders.

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.