Torrey Growth & Income Advisors Sells 5,430 Shares of ServiceNow, Inc. $NOW

Torrey Growth & Income Advisors decreased its position in ServiceNow, Inc. (NYSE:NOW) by 3.2% in the third quarter, Holdings Channel reports. The institutional investor owned 162,450 shares of the information technology services provider’s stock after selling 5,430 shares during the period. ServiceNow accounts for about 6.7% of Torrey Growth & Income Advisors’ portfolio, making the stock its 3rd largest position. Torrey Growth & Income Advisors’ holdings in ServiceNow were worth $21,604,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of NOW. Bank of Nova Scotia increased its position in shares of ServiceNow by 53.3% in the first quarter. Bank of Nova Scotia now owns 1,018,036 shares of the information technology services provider’s stock valued at $106,436,000 after buying an additional 353,749 shares in the last quarter. Sapient Capital LLC raised its stake in shares of ServiceNow by 266.0% during the 2nd quarter. Sapient Capital LLC now owns 77,661 shares of the information technology services provider’s stock worth $7,710,000 after buying an additional 56,444 shares during the period. Meeder Advisory Services Inc. acquired a new position in shares of ServiceNow during the 2nd quarter worth approximately $2,881,000. Vestor Capital LLC lifted its position in shares of ServiceNow by 38,987.2% during the 1st quarter. Vestor Capital LLC now owns 122,343 shares of the information technology services provider’s stock valued at $12,791,000 after buying an additional 122,030 shares in the last quarter. Finally, Cardano Risk Management B.V. lifted its position in shares of ServiceNow by 6.9% during the 2nd quarter. Cardano Risk Management B.V. now owns 484,785 shares of the information technology services provider’s stock valued at $48,129,000 after buying an additional 31,119 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NOW shares. Evercore reissued an “outperform” rating on shares of ServiceNow in a research note on Tuesday, October 13th. Guggenheim restated a “buy” rating and set a $175.00 price objective (up from $125.00) on shares of ServiceNow in a research report on Friday, October 23rd. UBS Group reaffirmed an “underweight” rating on shares of ServiceNow in a report on Thursday, October 29th. BTIG Research decreased their price objective on shares of ServiceNow from $170.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. Finally, Canaccord Genuity Group set a $145.00 target price on shares of ServiceNow in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $154.50.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Paul Chamberlain sold 2,700 shares of ServiceNow stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $135.50, for a total transaction of $365,850.00. Following the sale, the director owned 43,990 shares of the company’s stock, valued at $5,960,645. The trade was a 5.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Fipps sold 2,034 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $147.87, for a total transaction of $300,767.58. Following the sale, the insider directly owned 18,305 shares of the company’s stock, valued at $2,706,760.35. The trade was a 10.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 14,081 shares of company stock worth $1,937,904. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $102.86 on Tuesday. The company has a market cap of $106.77 billion, a PE ratio of 74.00, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. The stock’s 50 day simple moving average is $135.47 and its 200-day simple moving average is $114.69. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $175.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). ServiceNow had a return on equity of 15.17% and a net margin of 9.36%. The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.09 billion. During the same period in the prior year, the firm earned $4.82 earnings per share. The business’s revenue was up 20.5% on a year-over-year basis. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 2.12 EPS for the current fiscal year.

ServiceNow Company Profile

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.