Franklin Resources Inc. Sells 63,153 Shares of ServiceNow, Inc. (NYSE:NOW)

Franklin Resources Inc. decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,983,362 shares of the information technology services provider's stock after selling 63,153 shares during the quarter. ServiceNow makes up approximately 0.8% of Franklin Resources Inc.'s portfolio, making the stock its 20th largest position. Franklin Resources Inc. owned about 1.45% of ServiceNow worth $2,818,352,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Truvestments Capital LLC purchased a new position in ServiceNow in the third quarter worth $30,000. Ridgewood Investments LLC purchased a new stake in ServiceNow during the second quarter worth about $32,000. DT Investment Partners LLC raised its position in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock worth $35,000 after acquiring an additional 17 shares during the period. American Capital Advisory LLC purchased a new position in ServiceNow in the second quarter valued at about $39,000. Finally, Semmax Financial Advisors Inc. bought a new position in ServiceNow during the second quarter valued at $39,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Evercore ISI boosted their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. JMP Securities boosted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a "market outperform" rating in a research report on Thursday, October 17th. StockNews.com raised shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, November 12th. Truist Financial boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a "hold" rating in a report on Thursday. Finally, Barclays raised their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,034.96.

ServiceNow Trading Down 2.4 %

NOW stock traded down $27.32 during trading on Friday, reaching $1,121.10. The company had a trading volume of 1,335,113 shares, compared to its average volume of 1,279,635. The business has a 50 day moving average of $1,002.75 and a 200 day moving average of $868.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market cap of $230.95 billion, a P/E ratio of 178.64, a PEG ratio of 6.58 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,157.90.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter last year, the firm posted $1.21 earnings per share. The company's revenue for the quarter was up 22.2% on a year-over-year basis. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Anita M. Sands sold 2,229 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares in the company, valued at $11,710,600. The trade was a 16.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the sale, the insider now owns 3,649 shares of the company's stock, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,629 shares of company stock worth $20,861,626. Insiders own 0.25% of the company's stock.

About ServiceNow

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.