Pitcairn Co. Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Pitcairn Co. decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 15.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,857 shares of the information technology services provider’s stock after selling 2,315 shares during the period. ServiceNow comprises approximately 0.7% of Pitcairn Co.’s holdings, making the stock its 20th largest holding. Pitcairn Co.’s holdings in ServiceNow were worth $11,499,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of NOW. Quent Capital LLC increased its stake in shares of ServiceNow by 4.1% during the first quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock valued at $587,000 after buying an additional 30 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of ServiceNow during the first quarter worth about $210,000. EntryPoint Capital LLC lifted its holdings in shares of ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares during the period. CreativeOne Wealth LLC lifted its holdings in shares of ServiceNow by 81.8% during the first quarter. CreativeOne Wealth LLC now owns 640 shares of the information technology services provider’s stock worth $488,000 after purchasing an additional 288 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new position in ServiceNow in the first quarter valued at approximately $271,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value 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. This trade represents 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, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,644 shares of company stock valued at $19,381,744 in the last three months. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NOW. Stifel Nicolaus boosted their price target on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Citigroup boosted their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Canaccord Genuity Group boosted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Piper Sandler boosted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, BMO Capital Markets boosted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $986.39.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,060.57 on Friday. The stock’s 50-day moving average is $948.53 and its two-hundred day moving average is $834.64. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,064.59. The company has a market cap of $218.48 billion, a price-to-earnings ratio of 164.94, a price-to-earnings-growth ratio of 6.01 and a beta of 0.98.

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