Stonnington Group LLC Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Stonnington Group LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 24.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,895 shares of the information technology services provider’s stock after selling 955 shares during the quarter. Stonnington Group LLC’s holdings in ServiceNow were worth $1,103,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Polen Capital Management LLC grew its position in ServiceNow by 26.5% during the 3rd quarter. Polen Capital Management LLC now owns 3,953,299 shares of the information technology services provider’s stock valued at $1,492,805,000 after purchasing an additional 827,285 shares during the last quarter. Tiger Global Management LLC grew its position in ServiceNow by 51.8% during the 3rd quarter. Tiger Global Management LLC now owns 1,694,117 shares of the information technology services provider’s stock valued at $639,716,000 after purchasing an additional 577,933 shares during the last quarter. Vanguard Group Inc. grew its position in ServiceNow by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 16,866,914 shares of the information technology services provider’s stock valued at $6,369,116,000 after purchasing an additional 320,130 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in ServiceNow by 37.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 890,775 shares of the information technology services provider’s stock valued at $423,581,000 after purchasing an additional 244,958 shares during the last quarter. Finally, Stockbridge Partners LLC grew its position in ServiceNow by 79.6% during the 1st quarter. Stockbridge Partners LLC now owns 483,554 shares of the information technology services provider’s stock valued at $269,286,000 after purchasing an additional 214,243 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William R. Mcdermott sold 30,500 shares of ServiceNow stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $459.14, for a total transaction of $14,003,824.90. Following the sale, the chief executive officer now owns 11,518 shares in the company, valued at $5,288,395.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO William R. Mcdermott sold 30,500 shares of the firm’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $459.14, for a total value of $14,003,824.90. Following the completion of the transaction, the chief executive officer now directly owns 11,518 shares of the company’s stock, valued at $5,288,395.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Christopher Bedi sold 377 shares of the firm’s stock in a transaction on Wednesday, February 8th. The shares were sold at an average price of $464.59, for a total transaction of $175,150.43. Following the completion of the transaction, the insider now directly owns 16,990 shares of the company’s stock, valued at $7,893,384.10. The disclosure for this sale can be found here. Insiders have sold a total of 63,016 shares of company stock worth $28,805,543 over the last quarter. Insiders own 0.28% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $441.00 on Friday. The stock has a market cap of $89.52 billion, a price-to-earnings ratio of 275.63, a PEG ratio of 5.93 and a beta of 1.03. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. ServiceNow, Inc. has a 12 month low of $337.00 and a 12 month high of $601.62. The company’s 50 day moving average is $439.00 and its two-hundred day moving average is $412.18.

ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, January 25th. The information technology services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.28. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.93 billion. ServiceNow had a net margin of 4.49% and a return on equity of 9.37%. As a group, research analysts anticipate that ServiceNow, Inc. will post 2.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Citigroup cut their price objective on shares of ServiceNow from $515.00 to $508.00 and set a “buy” rating on the stock in a research report on Thursday, January 19th. Truist Financial downgraded shares of ServiceNow from a “buy” rating to a “hold” rating and dropped their price target for the company from $525.00 to $420.00 in a report on Monday, January 9th. Wolfe Research raised their price target on shares of ServiceNow from $500.00 to $510.00 and gave the company an “outperform” rating in a report on Thursday, January 26th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of ServiceNow from $625.00 to $525.00 and set a “buy” rating on the stock in a report on Monday, January 23rd. Finally, Robert W. Baird dropped their price target on shares of ServiceNow from $500.00 to $475.00 in a report on Wednesday, December 21st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $517.47.

ServiceNow Company Profile

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ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. The company was founded by Frederic B.