Cardinal Point Capital Management ULC Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Cardinal Point Capital Management ULC trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 442 shares of the information technology services provider’s stock after selling 39 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in ServiceNow were worth $469,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Truvestments Capital LLC bought a new stake in shares of ServiceNow during the third quarter valued at about $30,000. DT Investment Partners LLC grew its stake in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares in the last quarter. Oakworth Capital Inc. increased its holdings in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the period. Semmax Financial Advisors Inc. bought a new position in ServiceNow in the 2nd quarter valued at $39,000. Finally, Dunhill Financial LLC grew its position in shares of ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,012.47 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average of $1,065.17 and a 200 day moving average of $925.81. The firm has a market capitalization of $208.57 billion, a price-to-earnings ratio of 157.46, a PEG ratio of 6.43 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,157.90.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NOW shares. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. BMO Capital Markets lifted their price target on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Citigroup boosted their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Needham & Company LLC raised their target price on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Mizuho boosted their price target on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,071.39.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,629 shares of company stock worth $20,861,626. Company insiders own 0.25% of the company’s stock.

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.