ServiceNow, Inc. (NYSE:NOW) Stock Position Reduced by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 5.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,444 shares of the information technology services provider’s stock after selling 82 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in ServiceNow were worth $1,136,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of NOW. Western Wealth Management LLC grew its stake in ServiceNow by 39.3% in the fourth quarter. Western Wealth Management LLC now owns 1,262 shares of the information technology services provider’s stock valued at $892,000 after purchasing an additional 356 shares in the last quarter. Greenleaf Trust lifted its holdings in shares of ServiceNow by 4.0% during the 4th quarter. Greenleaf Trust now owns 3,228 shares of the information technology services provider’s stock valued at $2,281,000 after buying an additional 125 shares during the last quarter. Onyx Bridge Wealth Group LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at approximately $386,000. J.W. Cole Advisors Inc. increased its holdings in ServiceNow by 7.0% in the fourth quarter. J.W. Cole Advisors Inc. now owns 962 shares of the information technology services provider’s stock worth $679,000 after buying an additional 63 shares during the last quarter. Finally, abrdn plc raised its position in ServiceNow by 27.6% during the fourth quarter. abrdn plc now owns 206,842 shares of the information technology services provider’s stock valued at $146,132,000 after acquiring an additional 44,795 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on NOW shares. KeyCorp dropped their price target on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Deutsche Bank Aktiengesellschaft raised their target price on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Royal Bank of Canada increased their price objective on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Robert W. Baird raised their price objective on ServiceNow from $885.00 to $900.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $849.62.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $837.55 on Tuesday. The firm has a market capitalization of $171.70 billion, a price-to-earnings ratio of 89.01, a PEG ratio of 4.82 and a beta of 0.99. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $850.33. The business has a fifty day simple moving average of $772.92 and a 200 day simple moving average of $757.59. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the prior year, the company posted $0.77 EPS. The business’s revenue was up 22.2% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 6.84 EPS for the current year.

Insider Buying and Selling

In other ServiceNow news, insider Kevin Thomas Mcbride sold 100 shares of ServiceNow stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $825.00, for a total transaction of $82,500.00. Following the sale, the insider now directly owns 2,994 shares of the company’s stock, valued at $2,470,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Frederic B. Luddy sold 598 shares of ServiceNow stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $741.92, for a total transaction of $443,668.16. Following the completion of the transaction, the director now directly owns 428 shares of the company’s stock, valued at approximately $317,541.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin Thomas Mcbride sold 100 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $825.00, for a total transaction of $82,500.00. Following the sale, the insider now directly owns 2,994 shares in the company, valued at $2,470,050. The disclosure for this sale can be found here. Insiders sold 9,576 shares of company stock valued at $7,296,716 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Company Profile

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.