Fred Alger Management LLC Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Fred Alger Management LLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 47.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 83,520 shares of the information technology services provider's stock after selling 74,026 shares during the quarter. Fred Alger Management LLC's holdings in ServiceNow were worth $74,699,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its stake in ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider's stock valued at $1,059,912,000 after buying an additional 1,183,739 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider's stock worth $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. FMR LLC increased its stake in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider's stock worth $5,014,302,000 after purchasing an additional 502,845 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of ServiceNow by 917.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 310,754 shares of the information technology services provider's stock valued at $277,935,000 after acquiring an additional 280,210 shares during the period. Finally, AustralianSuper Pty Ltd acquired a new stake in ServiceNow during the 2nd quarter valued at $218,786,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on NOW. Stifel Nicolaus raised their price target on ServiceNow from $900.00 to $990.00 and gave the stock a "buy" rating in a research note on Thursday, October 24th. Morgan Stanley cut shares of ServiceNow from an "overweight" rating to an "equal weight" rating and upped their price target for the company from $900.00 to $960.00 in a report on Monday, October 21st. Citigroup raised their price objective on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Piper Sandler upped their price target on ServiceNow from $850.00 to $1,000.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Finally, TD Cowen raised their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a "buy" rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $989.07.

ServiceNow Price Performance

NYSE NOW traded up $8.04 during trading on Friday, hitting $1,049.44. 583,092 shares of the company's stock were exchanged, compared to its average volume of 1,281,032. The company has a market cap of $216.18 billion, a PE ratio of 163.39, a P/E/G ratio of 5.98 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 fifty-two week low of $637.99 and a fifty-two week high of $1,072.84. The stock's 50 day moving average price is $963.10 and its two-hundred day moving average price is $846.02.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results 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 firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period last year, the company earned $1.21 earnings per share. The business's quarterly revenue was up 22.2% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company's stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,867 shares of the firm's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the sale, the general counsel now owns 6,843 shares of the company's stock, valued at $7,007,026.71. The trade was a 21.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,329 shares of company stock worth $20,547,241 over the last ninety days. 0.25% of the stock is owned by insiders.

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.