Canada Pension Plan Investment Board trimmed its position in shares of ServiceNow Inc (NYSE:NOW) by 34.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 194,910 shares of the information technology services provider’s stock after selling 103,700 shares during the quarter. Canada Pension Plan Investment Board’s holdings in ServiceNow were worth $33,616,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Alpha Windward LLC bought a new position in shares of ServiceNow during the second quarter worth $102,000. Three Peaks Capital Management LLC bought a new position in shares of ServiceNow during the first quarter worth $113,000. IHT Wealth Management LLC boosted its position in shares of ServiceNow by 66.7% during the first quarter. IHT Wealth Management LLC now owns 750 shares of the information technology services provider’s stock worth $121,000 after purchasing an additional 300 shares in the last quarter. Adviser Investments LLC bought a new position in shares of ServiceNow during the first quarter worth $166,000. Finally, Signaturefd LLC bought a new position in shares of ServiceNow during the first quarter worth $202,000. 96.59% of the stock is currently owned by institutional investors.
Shares of NOW stock opened at $180.83 on Monday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.72. ServiceNow Inc has a 1 year low of $106.28 and a 1 year high of $194.81. The firm has a market capitalization of $33.36 billion, a price-to-earnings ratio of -172.22, a price-to-earnings-growth ratio of 44.51 and a beta of 1.14.
ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 25th. The information technology services provider reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.06. ServiceNow had a negative net margin of 4.16% and a negative return on equity of 7.48%. The firm had revenue of $631.05 million for the quarter, compared to analyst estimates of $616.68 million. During the same period in the previous year, the business earned $0.22 EPS. The company’s revenue was up 40.8% compared to the same quarter last year. research analysts expect that ServiceNow Inc will post 0.16 EPS for the current year.
In other ServiceNow news, CRO David Schneider sold 2,372 shares of ServiceNow stock in a transaction on Wednesday, May 23rd. The shares were sold at an average price of $168.70, for a total value of $400,156.40. Following the sale, the executive now directly owns 39,703 shares in the company, valued at approximately $6,697,896.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anita M. Sands sold 420 shares of ServiceNow stock in a transaction on Monday, June 11th. The shares were sold at an average price of $178.46, for a total transaction of $74,953.20. Following the completion of the sale, the director now owns 12,284 shares in the company, valued at $2,192,202.64. The disclosure for this sale can be found here. Insiders sold a total of 216,570 shares of company stock worth $39,688,252 over the last quarter. Company insiders own 1.60% of the company’s stock.
Several equities research analysts recently commented on the stock. Argus boosted their price objective on shares of ServiceNow to $215.00 and gave the company a “buy” rating in a research report on Wednesday, August 15th. They noted that the move was a valuation call. Zacks Investment Research cut shares of ServiceNow from a “hold” rating to a “strong sell” rating in a research report on Monday, July 30th. Barclays reaffirmed a “buy” rating and issued a $198.00 price objective on shares of ServiceNow in a research report on Friday, July 27th. Northland Securities reaffirmed a “buy” rating and issued a $200.00 price objective on shares of ServiceNow in a research report on Thursday, July 26th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $205.00 price objective on shares of ServiceNow in a research report on Thursday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $196.12.
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.
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