Cookson Peirce & Co. Inc. Lowers Stock Holdings in ServiceNow, Inc. $NOW

Cookson Peirce & Co. Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 60.9% during the second quarter, HoldingsChannel reports. The firm owned 704 shares of the information technology services provider’s stock after selling 1,096 shares during the period. Cookson Peirce & Co. Inc.’s holdings in ServiceNow were worth $724,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in 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 valued at $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 valued at $2,263,519,000 after purchasing an additional 188,292 shares in the last quarter. Nuveen LLC purchased a new stake in ServiceNow during the first quarter valued at about $1,817,535,000. Alliancebernstein L.P. raised its position in 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 valued at $1,379,461,000 after purchasing an additional 242,132 shares in the last quarter. Finally, Amundi raised its position in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Oppenheimer restated an “outperform” rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Piper Sandler raised their price target 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. Raymond James Financial raised their price target 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. Finally, Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $1,121.37.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 1,097 shares of ServiceNow stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares in the company, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

NOW opened at $936.25 on Thursday. The firm has a market cap of $194.74 billion, a price-to-earnings ratio of 117.92, a PEG ratio of 4.24 and a beta of 0.92. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock’s 50 day simple moving average is $914.81 and its 200 day simple moving average is $938.12. 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 issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company earned $3.13 EPS. As a group, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.