ServiceNow, Inc. (NYSE:NOW) Shares Sold by Grassi Investment Management

Grassi Investment Management cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 11.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,670 shares of the information technology services provider’s stock after selling 1,350 shares during the period. Grassi Investment Management’s holdings in ServiceNow were worth $11,311,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in NOW. Clean Yield Group increased its position in ServiceNow by 11.8% during the fourth quarter. Clean Yield Group now owns 3,921 shares of the information technology services provider’s stock worth $4,157,000 after buying an additional 414 shares in the last quarter. Cooper Financial Group acquired a new position in ServiceNow in the 4th quarter valued at $218,000. Wedmont Private Capital lifted its stake in shares of ServiceNow by 7.3% during the 4th quarter. Wedmont Private Capital now owns 2,500 shares of the information technology services provider’s stock worth $2,561,000 after purchasing an additional 170 shares during the period. Westmount Partners LLC boosted its holdings in shares of ServiceNow by 14.8% during the fourth quarter. Westmount Partners LLC now owns 310 shares of the information technology services provider’s stock worth $329,000 after purchasing an additional 40 shares during the last quarter. Finally, Salem Investment Counselors Inc. grew its position in shares of ServiceNow by 0.5% in the fourth quarter. Salem Investment Counselors Inc. now owns 4,138 shares of the information technology services provider’s stock valued at $4,387,000 after purchasing an additional 21 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NOW has been the topic of several recent analyst reports. Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday. Barclays lifted their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Piper Sandler raised their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,071.39.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction dated 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 transaction, the director now directly owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,629 shares of company stock worth $20,861,626. 0.25% of the stock is owned by corporate insiders.

ServiceNow Price Performance

Shares of NYSE:NOW traded down $20.10 during trading on Monday, reaching $1,004.47. The company had a trading volume of 1,094,128 shares, compared to its average volume of 1,138,167. The firm’s fifty day moving average is $1,064.01 and its 200 day moving average is $924.13. 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 firm has a market capitalization of $206.92 billion, a PE ratio of 156.22, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,157.90.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period last year, the firm earned $1.21 EPS. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, equities analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current 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.