KCM Investment Advisors LLC Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

KCM Investment Advisors LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 871 shares of the information technology services provider’s stock after selling 27 shares during the period. KCM Investment Advisors LLC’s holdings in ServiceNow were worth $779,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Valley Wealth Managers Inc. raised its stake in ServiceNow by 10.9% during the third quarter. Valley Wealth Managers Inc. now owns 591 shares of the information technology services provider’s stock worth $529,000 after purchasing an additional 58 shares during the period. Empowered Funds LLC raised its stake in ServiceNow by 34.0% during the third quarter. Empowered Funds LLC now owns 7,087 shares of the information technology services provider’s stock worth $6,339,000 after purchasing an additional 1,797 shares during the period. Empirical Finance LLC raised its stake in ServiceNow by 2.5% during the third quarter. Empirical Finance LLC now owns 6,644 shares of the information technology services provider’s stock worth $5,942,000 after purchasing an additional 159 shares during the period. Sheaff Brock Investment Advisors LLC raised its stake in shares of ServiceNow by 13.4% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 574 shares of the information technology services provider’s stock valued at $513,000 after acquiring an additional 68 shares during the period. Finally, BluePointe Capital Management LLC raised its stake in shares of ServiceNow by 0.6% in the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after acquiring an additional 12 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citigroup raised their target price on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Evercore ISI raised their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Mizuho raised their target price on shares of ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $900.00 to $960.00 in a research note on Monday, October 21st. Finally, Wells Fargo & Company raised their target price on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $974.04.

Insider Activity

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The trade was a 33.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,325 shares of company stock valued at $5,024,928. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 2.7 %

NYSE NOW opened at $1,011.39 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,061.66. The company has a 50-day simple moving average of $932.47 and a 200-day simple moving average of $823.24. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $208.35 billion, a PE ratio of 157.29, a price-to-earnings-growth ratio of 6.00 and a beta of 0.98.

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

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.