Investors Sell Shares of ServiceNow (NOW) on Strength (NOW)

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Investors sold shares of ServiceNow Inc (NYSE:NOW) on strength during trading on Thursday. $155.25 million flowed into the stock on the tick-up and $188.19 million flowed out of the stock on the tick-down, for a money net flow of $32.94 million out of the stock. Of all stocks tracked, ServiceNow had the 0th highest net out-flow for the day. ServiceNow traded up $2.83 for the day and closed at $174.97

Several analysts have recently commented on NOW shares. Piper Jaffray Companies reiterated an “overweight” rating and issued a $210.00 target price on shares of ServiceNow in a report on Friday, July 20th. JMP Securities increased their target price on shares of ServiceNow to $220.00 and gave the company an “outperform” rating in a report on Thursday, July 26th. Barclays increased their target price on shares of ServiceNow from $198.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, September 7th. Morgan Stanley increased their target price on shares of ServiceNow from $172.00 to $198.00 and gave the company an “overweight” rating in a report on Thursday, July 26th. Finally, Bank of America increased their target price on shares of ServiceNow from $203.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $203.04.

The stock has a market cap of $34.81 billion, a price-to-earnings ratio of -175.67, a PEG ratio of 46.45 and a beta of 1.23. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 1.28.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 25th. The information technology services provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.06. The firm had revenue of $631.05 million during the quarter, compared to analyst estimates of $616.68 million. ServiceNow had a negative net margin of 4.16% and a negative return on equity of 7.48%. The company’s quarterly revenue was up 40.8% on a year-over-year basis. During the same quarter last year, the business earned $0.22 earnings per share. On average, equities analysts forecast that ServiceNow Inc will post 0.16 earnings per share for the current fiscal year.

In other ServiceNow news, Director Frederic B. Luddy sold 32,500 shares of the stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $174.56, for a total transaction of $5,673,200.00. Following the completion of the transaction, the director now owns 282,383 shares in the company, valued at $49,292,776.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chirantan Jitendra Desai sold 2,031 shares of the stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $187.01, for a total transaction of $379,817.31. Following the transaction, the insider now owns 2,534 shares of the company’s stock, valued at approximately $473,883.34. The disclosure for this sale can be found here. Insiders have sold 220,819 shares of company stock valued at $40,902,407 in the last quarter. Company insiders own 1.60% of the company’s stock.

A number of large investors have recently modified their holdings of NOW. Janus Henderson Group PLC boosted its position in shares of ServiceNow by 44.3% in the second quarter. Janus Henderson Group PLC now owns 1,652,619 shares of the information technology services provider’s stock valued at $285,058,000 after acquiring an additional 507,435 shares during the period. Northern Trust Corp boosted its position in shares of ServiceNow by 1.0% in the second quarter. Northern Trust Corp now owns 990,521 shares of the information technology services provider’s stock valued at $170,835,000 after acquiring an additional 9,950 shares during the period. Bessemer Group Inc. boosted its position in shares of ServiceNow by 49.5% in the second quarter. Bessemer Group Inc. now owns 827,954 shares of the information technology services provider’s stock valued at $142,796,000 after acquiring an additional 274,242 shares during the period. Millennium Management LLC boosted its position in shares of ServiceNow by 355.8% in the first quarter. Millennium Management LLC now owns 696,135 shares of the information technology services provider’s stock valued at $115,176,000 after acquiring an additional 543,392 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of ServiceNow by 10.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 626,588 shares of the information technology services provider’s stock valued at $108,068,000 after acquiring an additional 58,968 shares during the period. Hedge funds and other institutional investors own 95.83% of the company’s stock.

About ServiceNow (NYSE:NOW)

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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