TCW Group Inc. Sells 15,328 Shares of ServiceNow, Inc. (NYSE:NOW)

TCW Group Inc. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 3.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 440,911 shares of the information technology services provider’s stock after selling 15,328 shares during the quarter. ServiceNow accounts for approximately 3.4% of TCW Group Inc.’s investment portfolio, making the stock its 4th biggest holding. TCW Group Inc. owned approximately 0.21% of ServiceNow worth $394,347,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Soltis Investment Advisors LLC raised its stake in ServiceNow by 3.5% in the 3rd quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider’s stock valued at $508,000 after acquiring an additional 19 shares during the period. Coldstream Capital Management Inc. raised its position in shares of ServiceNow by 65.5% in the third quarter. Coldstream Capital Management Inc. now owns 5,915 shares of the information technology services provider’s stock valued at $5,647,000 after purchasing an additional 2,342 shares during the period. RB Capital Management LLC lifted its stake in shares of ServiceNow by 1.8% during the 3rd quarter. RB Capital Management LLC now owns 1,223 shares of the information technology services provider’s stock worth $1,094,000 after buying an additional 22 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after buying an additional 78,378 shares during the period. Finally, Resources Management Corp CT ADV boosted its holdings in shares of ServiceNow by 1.6% during the third quarter. Resources Management Corp CT ADV now owns 1,286 shares of the information technology services provider’s stock worth $1,150,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on NOW shares. Needham & Company LLC upped their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. Royal Bank of Canada raised their price target on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. TD Cowen boosted their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,022.37.

ServiceNow Stock Performance

ServiceNow stock opened at $1,128.51 on Wednesday. The stock has a market cap of $232.47 billion, a price-to-earnings ratio of 175.51, a PEG ratio of 6.45 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,147.37. The stock’s 50 day simple moving average is $987.03 and its two-hundred day simple moving average is $861.55.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results 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. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter last year, the firm earned $1.21 earnings per share. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was 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 of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,060,115.38. This trade represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is owned by insiders.

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.