Chesapeake Wealth Management Lowers Position in ServiceNow, Inc. (NYSE:NOW)

Chesapeake Wealth Management trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 5.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 307 shares of the information technology services provider’s stock after selling 16 shares during the quarter. Chesapeake Wealth Management’s holdings in ServiceNow were worth $275,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Caprock Group LLC grew its stake in ServiceNow by 4.6% during the third quarter. Caprock Group LLC now owns 4,177 shares of the information technology services provider’s stock worth $3,737,000 after buying an additional 183 shares during the period. Pathstone Holdings LLC grew its stake in ServiceNow by 1.1% during the third quarter. Pathstone Holdings LLC now owns 33,833 shares of the information technology services provider’s stock worth $30,260,000 after buying an additional 381 shares during the period. Aviance Capital Partners LLC purchased a new stake in ServiceNow during the third quarter worth approximately $2,806,000. Baron Wealth Management LLC grew its stake in ServiceNow by 7.5% during the third quarter. Baron Wealth Management LLC now owns 959 shares of the information technology services provider’s stock worth $858,000 after buying an additional 67 shares during the period. Finally, Meeder Advisory Services Inc. grew its stake in ServiceNow by 1.0% during the third quarter. Meeder Advisory Services Inc. now owns 4,273 shares of the information technology services provider’s stock worth $3,822,000 after buying an additional 44 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on NOW shares. Evercore ISI boosted their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Truist Financial upped their target price on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Needham & Company LLC upped their target price on shares of ServiceNow from $900.00 to $1,075.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Canaccord Genuity Group upped their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, BMO Capital Markets upped their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $974.04.

ServiceNow Stock Performance

Shares of NOW opened at $1,004.53 on Tuesday. The firm has a 50-day moving average price of $935.45 and a 200 day moving average price of $827.30. The firm has a market capitalization of $206.93 billion, a PE ratio of 156.23, a P/E/G ratio of 5.80 and a beta of 0.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,061.66.

ServiceNow (NYSE:NOW) last posted 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. 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 analyst estimates of $2.75 billion. During the same quarter last year, the firm posted $1.21 EPS. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, Director Jeffrey A. Miller sold 2,879 shares of the 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 completion of the sale, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This represents a 6.29 % 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 this link. Also, insider Jacqueline P. Canney sold 66 shares of the 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 sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,231 shares of company stock valued at $4,947,292. 0.25% of the stock is currently owned by corporate 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.