ServiceNow, Inc. (NYSE:NOW) Shares Sold by South Street Advisors LLC

South Street Advisors LLC reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,306 shares of the information technology services provider's stock after selling 1,284 shares during the period. ServiceNow comprises 3.2% of South Street Advisors LLC's investment portfolio, making the stock its 12th biggest position. South Street Advisors LLC's holdings in ServiceNow were worth $20,845,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC increased its position in ServiceNow by 89,137.0% during the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider's stock worth $1,059,912,000 after buying an additional 1,183,739 shares in the last quarter. Swedbank AB purchased a new position in ServiceNow during the first quarter worth $897,908,000. AustralianSuper Pty Ltd purchased a new position in ServiceNow during the second quarter worth $218,786,000. Acadian Asset Management LLC increased its position in ServiceNow by 233.4% during the first quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider's stock worth $295,198,000 after buying an additional 271,073 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in ServiceNow by 59.4% during the second quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider's stock worth $500,258,000 after buying an additional 237,086 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on NOW. JMP Securities lifted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a "market outperform" rating in a research report on Thursday, October 17th. Barclays lifted their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on ServiceNow from $875.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday, July 25th. Finally, TD Cowen lifted their price objective on ServiceNow from $900.00 to $1,000.00 and gave the company a "buy" rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $974.04.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The shares were 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 $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,325 shares of company stock valued at $5,024,928 over the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Stock Down 2.7 %

Shares of NYSE NOW traded down $28.41 during midday trading on Friday, reaching $1,011.39. 1,498,472 shares of the company's stock were exchanged, compared to its average volume of 1,281,121. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,061.66. The stock has a market capitalization of $208.35 billion, a PE ratio of 157.29, a price-to-earnings-growth ratio of 6.00 and a beta of 0.98. 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 business's fifty day moving average price is $932.47 and its two-hundred day moving average price is $823.24.

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 for the quarter, beating the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. ServiceNow's quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 earnings per share. Analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current year.

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.