Concentric Capital Strategies LP Sells 4,331 Shares of ServiceNow, Inc. (NYSE:NOW)

Concentric Capital Strategies LP lowered its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 60.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 2,871 shares of the information technology services provider’s stock after selling 4,331 shares during the period. Concentric Capital Strategies LP’s holdings in ServiceNow were worth $2,568,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Avidian Wealth Enterprises LLC boosted its stake in shares of ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after acquiring an additional 138 shares during the period. Venturi Wealth Management LLC raised its stake in ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after acquiring an additional 765 shares during the period. AXA S.A. lifted its holdings in ServiceNow by 1.1% during the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock valued at $304,712,000 after purchasing an additional 4,271 shares during the last quarter. HWG Holdings LP bought a new position in ServiceNow during the second quarter worth $2,679,000. Finally, Brookstone Capital Management increased its holdings in shares of ServiceNow by 25.5% in the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after purchasing an additional 2,928 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insiders Place Their Bets

In related news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the sale, the director now directly owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,329 shares of company stock valued at $20,547,241 in the last 90 days. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NOW shares. Piper Sandler raised their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Barclays raised their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Evercore ISI lifted their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Jefferies Financial Group boosted their price target on ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have issued 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, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $994.43.

ServiceNow Trading Down 0.1 %

Shares of ServiceNow stock opened at $1,048.43 on Tuesday. The firm’s 50 day moving average is $963.10 and its 200 day moving average is $847.50. The firm has a market capitalization of $215.98 billion, a PE ratio of 163.05, a price-to-earnings-growth ratio of 6.02 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,072.84. 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 (NYSE:NOW) 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. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the firm posted $1.21 earnings per share. The company’s revenue was up 22.2% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

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.