Townsquare Capital LLC Trims Position in ServiceNow, Inc. (NYSE:NOW)

Townsquare Capital LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 61,660 shares of the information technology services provider’s stock after selling 1,975 shares during the quarter. ServiceNow accounts for approximately 0.7% of Townsquare Capital LLC’s investment portfolio, making the stock its 28th biggest holding. Townsquare Capital LLC’s holdings in ServiceNow were worth $55,148,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NOW. Creekmur Asset Management LLC purchased a new position in ServiceNow during the first quarter valued at approximately $25,000. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the 3rd quarter valued at approximately $30,000. Versant Capital Management Inc lifted its stake in shares of ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 28 shares during the period. DT Investment Partners LLC boosted its holdings in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares in the last quarter. Finally, EntryPoint Capital LLC grew its position in ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 39 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NOW shares. KeyCorp upped their price target on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Canaccord Genuity Group raised their price target 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. Barclays raised their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Jefferies Financial Group upped their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $989.07.

ServiceNow Stock Up 1.6 %

NYSE:NOW opened at $1,070.07 on Wednesday. The stock has a market capitalization of $220.43 billion, a price-to-earnings ratio of 166.42, a price-to-earnings-growth ratio of 6.04 and a beta of 0.98. The stock’s fifty day moving average is $955.40 and its two-hundred day moving average is $841.01. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,072.84. 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 (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 earnings per share. Research analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 81 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the transaction, the general counsel now directly owns 6,843 shares in the company, valued at approximately $6,956,183.22. This trade represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction 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 sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,787 shares of company stock worth $17,841,028. 0.25% of the stock is currently 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.