Massachusetts Financial Services Co. MA Sells 698,441 Shares of ServiceNow, Inc. (NYSE:NOW)

Massachusetts Financial Services Co. MA reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 32.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,452,451 shares of the information technology services provider’s stock after selling 698,441 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.71% of ServiceNow worth $1,142,600,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NOW. Morling Financial Advisors LLC boosted its stake in shares of ServiceNow by 2.5% in the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after purchasing an additional 13 shares during the last quarter. Optas LLC boosted its position in ServiceNow by 1.7% during the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after acquiring an additional 14 shares during the last quarter. Cedar Wealth Management LLC grew its holdings in ServiceNow by 5.5% during the 1st quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after acquiring an additional 14 shares during the period. Financial Advocates Investment Management raised its position in shares of ServiceNow by 2.7% in the 2nd quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock worth $415,000 after acquiring an additional 14 shares in the last quarter. Finally, Ndwm LLC lifted its stake in shares of ServiceNow by 0.6% in the 2nd quarter. Ndwm LLC now owns 2,415 shares of the information technology services provider’s stock valued at $1,900,000 after purchasing an additional 14 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on NOW. Guggenheim reaffirmed a “sell” rating and set a $640.00 target price on shares of ServiceNow in a research note on Monday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. KeyCorp cut their target price on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Royal Bank of Canada lifted their price target on shares of ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, TD Cowen increased their price objective on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $855.44.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Jacqueline P. Canney sold 804 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $2,457,924. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The disclosure for this sale can be found here. Insiders have sold a total of 6,914 shares of company stock worth $5,608,936 over the last ninety days. 0.25% of the stock is currently owned by company insiders.

ServiceNow Trading Down 0.8 %

Shares of ServiceNow stock opened at $878.95 on Monday. The stock has a fifty day moving average price of $807.22 and a 200-day moving average price of $766.54. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market cap of $181.06 billion, a PE ratio of 94.01, a P/E/G ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $889.52.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the business posted $0.77 EPS. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. Equities research analysts anticipate that ServiceNow, Inc. will post 6.78 EPS for the current year.

ServiceNow Company 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.