ServiceNow, Inc. (NYSE:NOW) Shares Sold by Absoluto Partners Gestao de Recursos Ltda

Absoluto Partners Gestao de Recursos Ltda lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 15.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,056 shares of the information technology services provider’s stock after selling 379 shares during the quarter. ServiceNow makes up about 1.0% of Absoluto Partners Gestao de Recursos Ltda’s investment portfolio, making the stock its 14th largest holding. Absoluto Partners Gestao de Recursos Ltda’s holdings in ServiceNow were worth $1,674,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. M&G Plc bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $11,030,000. New Mexico Educational Retirement Board boosted its holdings in shares of ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in ServiceNow by 375.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock valued at $1,041,000 after acquiring an additional 1,078 shares during the period. Wealthspire Advisors LLC boosted its position in ServiceNow by 3.4% during the 1st quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock worth $1,283,000 after acquiring an additional 56 shares during the period. Finally, Brookstone Capital Management grew its stake in shares of ServiceNow by 25.5% in the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock worth $10,595,000 after purchasing an additional 2,928 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

ServiceNow stock opened at $923.60 on Wednesday. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $945.46. The stock has a 50-day simple moving average of $828.97 and a 200 day simple moving average of $773.93. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $190.26 billion, a price-to-earnings ratio of 98.78, a P/E/G ratio of 5.55 and a beta of 0.98.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.61 billion. During the same period in the prior year, the business earned $0.77 earnings per share. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. On average, research analysts anticipate that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction that occurred on Thursday, July 25th. The shares were 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 owns 11,490 shares in the company, valued at approximately $9,479,250. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,914 shares of company stock valued at $5,608,936. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on NOW shares. JMP Securities upped their price target on shares of ServiceNow from $825.00 to $850.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 25th. TD Cowen upped their target price on ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Truist Financial boosted their price objective on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Stifel Nicolaus raised their target price on shares of ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Citigroup raised their price objective on shares of ServiceNow from $909.00 to $911.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $855.44.

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.