ServiceNow, Inc. $NOW Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 1.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,957 shares of the information technology services provider’s stock after selling 1,108 shares during the period. Cullen Frost Bankers Inc.’s holdings in ServiceNow were worth $64,725,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of ServiceNow by 1.6% during the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock worth $15,522,335,000 after buying an additional 297,734 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of ServiceNow by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock worth $2,263,519,000 after buying an additional 188,292 shares during the period. Nuveen LLC acquired a new position in shares of ServiceNow during the first quarter worth approximately $1,817,535,000. Alliancebernstein L.P. boosted its position in shares of ServiceNow by 16.2% during the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider’s stock worth $1,379,461,000 after buying an additional 242,132 shares during the period. Finally, Amundi boosted its position in shares of ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after buying an additional 626,623 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NOW. Raymond James Financial boosted their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. BMO Capital Markets boosted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Needham & Company LLC boosted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Piper Sandler boosted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,121.37.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock valued at $16,798,825 in the last three months. Insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $942.56 on Wednesday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a market cap of $196.05 billion, a price-to-earnings ratio of 118.71, a PEG ratio of 4.13 and a beta of 0.92. The stock’s 50 day moving average price is $913.34 and its 200 day moving average price is $938.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.13 earnings per share. Equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow Company Profile

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.