Rockefeller Capital Management L.P. Cuts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Rockefeller Capital Management L.P. reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 46,358 shares of the information technology services provider's stock after selling 558 shares during the quarter. Rockefeller Capital Management L.P.'s holdings in ServiceNow were worth $41,345,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc lifted its position in shares of ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider's stock worth $27,000 after buying an additional 28 shares during the last quarter. Truvestments Capital LLC bought a new position in ServiceNow in the third quarter valued at about $30,000. Ridgewood Investments LLC bought a new position in ServiceNow in the second quarter valued at 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 valued at $35,000 after purchasing an additional 17 shares during the last quarter. Finally, American Capital Advisory LLC bought a new position in ServiceNow in the second quarter valued at about $39,000. 87.18% of the stock is currently owned by institutional investors.

Insider Activity at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the firm's stock in a transaction 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 directly owns 42,920 shares of the company's stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at $3,060,115.38. The trade was a 2.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,329 shares of company stock valued at $20,547,241. 0.25% of the stock is owned by corporate insiders.

ServiceNow Trading Up 0.8 %

NOW traded up $8.04 during midday trading on Friday, reaching $1,049.44. 583,092 shares of the company's stock traded hands, compared to its average volume of 1,281,032. The firm has a fifty day moving average of $963.10 and a two-hundred day moving average of $846.02. The stock has a market capitalization of $216.18 billion, a price-to-earnings ratio of 163.39, a P/E/G ratio of 5.98 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 52 week low of $637.99 and a 52 week high of $1,072.84.

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

Wall Street Analyst Weigh In

Several research firms have commented on NOW. Citigroup increased their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the company a "buy" rating in a research report on Friday, October 25th. TD Cowen increased their target price on ServiceNow from $900.00 to $1,000.00 and gave the company a "buy" rating in a research report on Monday, October 21st. 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 report on Thursday, October 24th. JPMorgan Chase & Co. increased their price target on ServiceNow from $820.00 to $950.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Finally, Morgan Stanley cut ServiceNow from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $900.00 to $960.00 in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $989.07.

ServiceNow 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.