Logan Capital Management Inc. Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Logan Capital Management Inc. lowered its position in ServiceNow, Inc. (NYSE:NOW) by 3.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,313 shares of the information technology services provider’s stock after selling 126 shares during the quarter. Logan Capital Management Inc.’s holdings in ServiceNow were worth $2,963,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brookstone Capital Management boosted its stake in ServiceNow by 25.5% in the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after acquiring an additional 2,928 shares in the last quarter. Portman Square Capital LLP boosted its holdings in shares of ServiceNow by 108.7% in the second quarter. Portman Square Capital LLP now owns 2,511 shares of the information technology services provider’s stock valued at $1,975,000 after acquiring an additional 31,360 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of ServiceNow during the second quarter worth approximately $125,916,000. Chesley Taft & Associates LLC increased its holdings in shares of ServiceNow by 1.9% in the 2nd quarter. Chesley Taft & Associates LLC now owns 3,881 shares of the information technology services provider’s stock valued at $3,053,000 after acquiring an additional 71 shares during the period. Finally, Western Wealth Management LLC raised its position in ServiceNow by 22.9% in the 2nd quarter. Western Wealth Management LLC now owns 2,005 shares of the information technology services provider’s stock valued at $1,577,000 after purchasing an additional 374 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. UBS Group lifted their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Robert W. Baird boosted their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Wells Fargo & Company upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Truist Financial lifted their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,034.96.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is owned by insiders.

ServiceNow Trading Down 2.4 %

Shares of NOW opened at $1,121.10 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90. The stock has a market cap of $230.95 billion, a price-to-earnings ratio of 174.35, a price-to-earnings-growth ratio of 6.58 and a beta of 0.99. The firm has a 50 day simple moving average of $1,006.82 and a 200-day simple moving average of $870.89.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter last year, the business posted $1.21 earnings per share. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. Equities analysts forecast that ServiceNow, Inc. will post 7.07 EPS 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.