Landscape Capital Management L.L.C. Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Landscape Capital Management L.L.C. lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 72.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 417 shares of the information technology services provider’s stock after selling 1,081 shares during the period. Landscape Capital Management L.L.C.’s holdings in ServiceNow were worth $373,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in NOW. Overbrook Management Corp boosted its holdings in ServiceNow by 3.0% during the 3rd quarter. Overbrook Management Corp now owns 10,843 shares of the information technology services provider’s stock valued at $9,698,000 after acquiring an additional 317 shares during the period. Intech Investment Management LLC boosted its stake in shares of ServiceNow by 17.1% during the third quarter. Intech Investment Management LLC now owns 7,483 shares of the information technology services provider’s stock valued at $6,693,000 after purchasing an additional 1,095 shares during the period. Citizens Financial Group Inc. RI increased its stake in ServiceNow by 25.1% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,779 shares of the information technology services provider’s stock worth $3,380,000 after buying an additional 758 shares during the period. Moran Wealth Management LLC lifted its holdings in ServiceNow by 36.8% during the 3rd quarter. Moran Wealth Management LLC now owns 1,174 shares of the information technology services provider’s stock valued at $1,050,000 after buying an additional 316 shares in the last quarter. Finally, Moors & Cabot Inc. boosted its position in ServiceNow by 1.7% in the 3rd quarter. Moors & Cabot Inc. now owns 9,662 shares of the information technology services provider’s stock valued at $8,642,000 after buying an additional 159 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the business’s 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 owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This trade represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,787 shares of company stock worth $17,841,028. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NOW. KeyCorp lifted their price target on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Barclays raised their price target on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Royal Bank of Canada raised their target price on shares of ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial increased their price objective on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Finally, JMP Securities upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $986.39.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,060.60 on Monday. The company has a 50 day simple moving average of $948.53 and a two-hundred day simple moving average of $836.29. The stock has a market cap of $218.48 billion, a price-to-earnings ratio of 164.95, a PEG ratio of 6.01 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,064.59.

ServiceNow (NYSE:NOW) last announced 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. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period last year, the firm earned $1.21 EPS. As a group, analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

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.