RiverPark Advisors LLC Trims Stake in ServiceNow, Inc. (NYSE:NOW)

RiverPark Advisors LLC cut its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,208 shares of the information technology services provider's stock after selling 502 shares during the quarter. ServiceNow comprises about 1.6% of RiverPark Advisors LLC's holdings, making the stock its 22nd largest position. RiverPark Advisors LLC's holdings in ServiceNow were worth $1,975,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow in the 1st quarter worth about $25,000. Versant Capital Management Inc boosted its holdings in shares of ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider's stock worth $27,000 after purchasing an additional 28 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider's stock valued at $30,000 after acquiring an additional 39 shares during the period. Ridgewood Investments LLC purchased a new stake in ServiceNow during the 2nd quarter valued at about $32,000. Finally, DT Investment Partners LLC boosted its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after acquiring an additional 17 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NOW has been the subject of several research analyst reports. Canaccord Genuity Group increased their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. UBS Group increased their target price on ServiceNow from $900.00 to $1,055.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. StockNews.com raised ServiceNow from a "hold" rating to a "buy" rating in a research report on Tuesday, November 12th. JMP Securities increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a "market outperform" rating in a research note on Thursday, October 17th. Finally, Piper Sandler increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $974.04.

ServiceNow Stock Down 2.7 %

Shares of NYSE NOW traded down $28.41 during mid-day trading on Friday, hitting $1,011.39. The company had a trading volume of 1,498,472 shares, compared to its average volume of 1,366,353. The company has a market capitalization of $208.35 billion, a PE ratio of 157.29, a price-to-earnings-growth ratio of 5.80 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,061.66. The business's 50-day simple moving average is $932.47 and its 200 day simple moving average is $824.15.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts' consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion for the quarter, compared to analysts' expectations of $2.75 billion. During the same period last year, the firm earned $1.21 earnings per share. ServiceNow's quarterly revenue was up 22.2% on a year-over-year basis. On average, analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 94 shares of the firm's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the transaction, the insider now owns 4,019 shares of the company's stock, valued at $3,319,372.48. This trade represents a 2.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the transaction, the director now owns 42,920 shares in the company, valued at $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,325 shares of company stock valued at $5,024,928. 0.25% of the stock is currently owned by insiders.

ServiceNow Company 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.