Narwhal Capital Management Has $1.17 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Narwhal Capital Management lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 33.5% in the first quarter, HoldingsChannel reports. The firm owned 1,473 shares of the information technology services provider’s stock after selling 743 shares during the period. Narwhal Capital Management’s holdings in ServiceNow were worth $1,173,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Eagle Strategies LLC raised its stake in shares of ServiceNow by 6.7% in the first quarter. Eagle Strategies LLC now owns 925 shares of the information technology services provider’s stock valued at $736,000 after acquiring an additional 58 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in ServiceNow by 21.3% during the 1st quarter. Oppenheimer & Co. Inc. now owns 7,342 shares of the information technology services provider’s stock valued at $5,845,000 after purchasing an additional 1,291 shares in the last quarter. Sawgrass Asset Management LLC raised its position in ServiceNow by 1.3% in the 1st quarter. Sawgrass Asset Management LLC now owns 15,873 shares of the information technology services provider’s stock valued at $12,637,000 after purchasing an additional 202 shares during the last quarter. Centerpoint Advisory Group raised its position in ServiceNow by 11.1% in the 1st quarter. Centerpoint Advisory Group now owns 683 shares of the information technology services provider’s stock valued at $544,000 after purchasing an additional 68 shares during the last quarter. Finally, Flagship Harbor Advisors LLC grew its holdings in shares of ServiceNow by 35.1% during the first quarter. Flagship Harbor Advisors LLC now owns 2,223 shares of the information technology services provider’s stock worth $1,770,000 after purchasing an additional 577 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on NOW shares. Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Canaccord Genuity Group reduced their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Monday, June 9th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Trading Up 0.9%

NYSE:NOW opened at $979.72 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The business’s 50-day simple moving average is $968.01 and its 200-day simple moving average is $968.25. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a market capitalization of $202.78 billion, a PE ratio of 133.11, a price-to-earnings-growth ratio of 4.48 and a beta of 0.96.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the firm posted $3.41 earnings per share. The business’s revenue was up 18.6% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share 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.