Kayne Anderson Rudnick Investment Management LLC Trims Stock Position in ServiceNow, Inc. (NYSE:NOW)

Kayne Anderson Rudnick Investment Management LLC cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,004 shares of the information technology services provider’s stock after selling 1,415 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in ServiceNow were worth $26,750,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Creekmur Asset Management LLC purchased a new stake in ServiceNow during the 1st quarter valued at approximately $25,000. Versant Capital Management Inc raised its stake in shares of ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares in the last quarter. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $29,000. EntryPoint Capital LLC raised its stake in shares of ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after buying an additional 39 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new position in shares of ServiceNow during the 2nd quarter worth approximately $32,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NOW. Guggenheim reissued a “sell” rating and set a $640.00 target price on shares of ServiceNow in a research note on Monday, July 8th. Royal Bank of Canada increased their target price on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Truist Financial increased their target price on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. JMP Securities increased their target price on ServiceNow from $825.00 to $850.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $855.44.

ServiceNow Trading Up 2.0 %

Shares of ServiceNow stock opened at $937.36 on Friday. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $940.12. The firm has a market cap of $192.16 billion, a PE ratio of 100.25, a P/E/G ratio of 5.25 and a beta of 0.98. The business’s fifty day moving average is $822.56 and its two-hundred day moving average is $771.44. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the prior year, the company posted $0.77 EPS. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 6.78 earnings per share for the current year.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The disclosure for this sale can be found here. Insiders have sold a total of 6,914 shares of company stock valued at $5,608,936 in the last quarter. 0.25% of the stock is currently owned by company insiders.

ServiceNow 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.