Harbour Investments Inc., a prominent institutional investor, has reduced its stake in ServiceNow, Inc. by 8.9% during the second quarter, according to the company’s recent Form 13F filing with the Securities and Exchange Commission. The investor now holds 236 shares of the information technology services provider’s stock, having sold 23 shares during the quarter. The total value of Harbour Investments Inc.’s holdings in ServiceNow amounted to $186,000 at the end of the quarter.
Several other institutional investors and hedge funds have also made adjustments to their positions in ServiceNow. Vanguard Group Inc. increased its stake by 1.8% during the first quarter, now owning 18,450,570 shares worth $14,066,715,000. Norges Bank acquired a new position in the fourth quarter, with shares worth approximately $1,648,259,000. Massachusetts Financial Services Co. MA increased its stake by 3.7% in the fourth quarter, now holding 2,281,748 shares worth $1,612,032,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main also raised its position by 18.3% in the fourth quarter, with shares worth $1,239,198,000. Bank of New York Mellon Corp grew its stake by 2.3% during the second quarter, now owning 1,529,430 shares valued at $1,203,157,000. In total, hedge funds and institutional investors own approximately 87.18% of ServiceNow’s stock.
Wall Street analysts have weighed in on ServiceNow, with a majority of brokerages giving the company a “buy” rating. JMP Securities increased its price target from $825.00 to $850.00 and labeled the stock as “market outperform.” William Blair reiterated an “outperform” rating, while BMO Capital Markets raised its price target from $830.00 to $860.00, also giving the company an “outperform” rating. Wolfe Research maintained an “outperform” rating with a price target of $830.00. However, Guggenheim expressed a “sell” rating and set a price target of $640.00. According to MarketBeat, the average rating for ServiceNow is currently “Moderate Buy,” with an average target price of $849.62.
In terms of insider trading, General Counsel Russell S. Elmer recently sold 1,937 shares of ServiceNow stock at an average price of $779.81, totaling $1,510,491.97. Following the sale, Elmer now holds 6,736 shares valued at approximately $5,252,800.16. Insider Christopher Bedi sold 215 shares at an average price of $700.00, amounting to $150,500.00. Bedi now owns 15,892 shares valued at $11,124,400. Additionally, Elmer sold 1,937 shares at an average price of $779.81, totaling $1,510,491.97. Following this transaction, Elmer’s holdings amount to 6,736 shares valued at $5,252,800.16. In the past three months, insiders have sold a total of 7,129 shares, worth $5,759,436. Corporate insiders now own 0.25% of the company’s stock.
ServiceNow’s stock showed a 2.9% increase, opening at $855.00 on Friday. The company has a current ratio of 1.12 and a quick ratio of 1.12, with a debt-to-equity ratio of 0.17. Its 12-month low stands at $527.24, while the 12-month high is $857.25. With a market cap of $175.28 billion and a price-to-earnings ratio of 91.44, ServiceNow has a beta of 0.99 and a PEG ratio of 4.82. The stock’s fifty-day simple moving average is $789.70, and the two-hundred-day simple moving average is $760.16.
ServiceNow recently reported its quarterly earnings data, surpassing expectations. The company posted earnings per share (EPS) of $3.13 for the quarter, exceeding the consensus estimate of $2.85 by $0.28. ServiceNow’s revenue for the quarter reached $2.63 billion, compared to the estimated $2.61 billion. The company’s revenue increased by 22.2% year-over-year. Analysts predict that ServiceNow, Inc. will achieve an EPS of 6.84 for the current fiscal year.