Grove Bank & Trust Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Grove Bank & Trust trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,594 shares of the information technology services provider's stock after selling 664 shares during the period. Grove Bank & Trust's holdings in ServiceNow were worth $3,810,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the third quarter valued at approximately $30,000. 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 worth $35,000 after acquiring an additional 17 shares during the last quarter. Oakworth Capital Inc. grew its stake in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider's stock worth $39,000 after acquiring an additional 14 shares in the last quarter. Semmax Financial Advisors Inc. purchased a new stake in shares of ServiceNow in the second quarter valued at about $39,000. Finally, Dunhill Financial LLC raised its holdings in shares of ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider's stock valued at $46,000 after purchasing an additional 21 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. BMO Capital Markets boosted their target price on ServiceNow from $860.00 to $1,025.00 and gave the stock an "outperform" rating in a research note on Thursday, October 10th. JMP Securities boosted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 17th. Sanford C. Bernstein raised their target price on ServiceNow from $906.00 to $913.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Piper Sandler boosted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Stifel Nicolaus increased their price target on shares of ServiceNow from $900.00 to $990.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,080.38.

ServiceNow Price Performance

NYSE:NOW traded up $14.86 during mid-day trading on Monday, reaching $1,072.02. The stock had a trading volume of 1,079,535 shares, compared to its average volume of 944,889. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,157.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a 50 day moving average price of $1,069.67 and a two-hundred day moving average price of $933.26. The stock has a market capitalization of $220.84 billion, a P/E ratio of 166.72, a P/E/G ratio of 4.65 and a beta of 0.99.

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

Insider Buying and Selling at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the company's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock worth $21,016,751 over the last three months. Company insiders own 0.25% of the company's stock.

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.