Logan Capital Management Inc. Decreases Position in ServiceNow, Inc. $NOW

Logan Capital Management Inc. trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 23.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,272 shares of the information technology services provider’s stock after selling 680 shares during the quarter. Logan Capital Management Inc.’s holdings in ServiceNow were worth $2,336,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of NOW. Brighton Jones LLC lifted its position in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares in the last quarter. Essex Financial Services Inc. lifted its position in shares of ServiceNow by 16.2% in the first quarter. Essex Financial Services Inc. now owns 365 shares of the information technology services provider’s stock valued at $291,000 after acquiring an additional 51 shares in the last quarter. Avidian Wealth Enterprises LLC lifted its position in shares of ServiceNow by 5.2% in the first quarter. Avidian Wealth Enterprises LLC now owns 523 shares of the information technology services provider’s stock valued at $416,000 after acquiring an additional 26 shares in the last quarter. Washington Trust Advisors Inc. lifted its position in shares of ServiceNow by 29.1% in the first quarter. Washington Trust Advisors Inc. now owns 111 shares of the information technology services provider’s stock valued at $88,000 after acquiring an additional 25 shares in the last quarter. Finally, Valley National Advisers Inc. lifted its position in shares of ServiceNow by 2.0% in the first quarter. Valley National Advisers Inc. now owns 731 shares of the information technology services provider’s stock valued at $581,000 after acquiring an additional 14 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on NOW. Zacks Research upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Needham & Company LLC upped their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. UBS Group reduced their price objective on ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Erste Group Bank restated a “hold” rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Finally, Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,124.17.

ServiceNow Stock Performance

ServiceNow stock opened at $939.50 on Wednesday. The firm has a market capitalization of $195.42 billion, a P/E ratio of 118.33, a PEG ratio of 4.27 and a beta of 0.92. The stock has a fifty day moving average price of $920.02 and a 200 day moving average price of $945.20. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 17,980 shares of company stock valued at $16,049,017 over the last three months. Insiders own 0.38% 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.