ServiceNow, Inc. (NYSE:NOW) is TCW Group Inc.'s 4th Largest Position

TCW Group Inc. cut its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 440,911 shares of the information technology services provider's stock after selling 15,328 shares during the period. ServiceNow comprises 3.4% of TCW Group Inc.'s portfolio, making the stock its 4th biggest position. TCW Group Inc. owned 0.21% of ServiceNow worth $394,347,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Truvestments Capital LLC bought a new position in shares of ServiceNow during the third quarter valued at approximately $30,000. DT Investment Partners LLC boosted its position 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 in the last quarter. Ridgewood Investments LLC purchased a new position in shares of ServiceNow in the 2nd quarter valued at $32,000. Oakworth Capital Inc. raised its position 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. Finally, Semmax Financial Advisors Inc. purchased a new stake in shares of ServiceNow during the 2nd quarter worth $39,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. KeyCorp increased their price objective on ServiceNow from $1,020.00 to $1,040.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. TD Cowen raised their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a report on Tuesday. Morgan Stanley downgraded shares of ServiceNow from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. Canaccord Genuity Group increased their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Finally, Oppenheimer boosted their target price on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,022.37.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $19.42 during trading hours on Wednesday, reaching $1,147.26. The stock had a trading volume of 1,244,759 shares, compared to its average volume of 1,281,880. The stock's 50 day moving average is $992.26 and its 200 day moving average is $864.29. 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 twelve month low of $637.99 and a twelve month high of $1,157.90. The firm has a market capitalization of $236.34 billion, a PE ratio of 178.42, a PEG ratio of 6.45 and a beta of 0.99.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly 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. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.75 billion. During the same quarter in the prior year, the firm posted $1.21 EPS. ServiceNow's quarterly revenue was up 22.2% compared to the same quarter last year. Equities analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock worth $20,861,626 in the last quarter. Corporate 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.