L & S Advisors Inc cut its holdings in shares of ServiceNow Inc (NYSE:NOW) by 87.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,533 shares of the information technology services provider’s stock after selling 30,867 shares during the quarter. L & S Advisors Inc’s holdings in ServiceNow were worth $807,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. We Are One Seven LLC acquired a new position in ServiceNow during the 4th quarter worth about $27,000. Claybrook Capital LLC acquired a new position in ServiceNow during the 4th quarter worth about $28,000. Financial Management Professionals Inc. acquired a new position in ServiceNow during the 4th quarter worth about $30,000. Shine Investment Advisory Services Inc. lifted its stake in ServiceNow by 50.5% during the 4th quarter. Shine Investment Advisory Services Inc. now owns 167 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 56 shares in the last quarter. Finally, North Star Investment Management Corp. acquired a new position in ServiceNow during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 97.07% of the company’s stock.
NOW has been the topic of several research reports. Atlantic Securities initiated coverage on ServiceNow in a research note on Wednesday, January 9th. They set a “neutral” rating and a $199.00 target price on the stock. ValuEngine raised ServiceNow from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 1st. Needham & Company LLC reissued a “buy” rating and set a $243.00 target price (up previously from $224.00) on shares of ServiceNow in a research note on Thursday, January 31st. UBS Group reissued a “buy” rating and set a $230.00 target price (up previously from $214.00) on shares of ServiceNow in a research note on Thursday, January 31st. Finally, Goldman Sachs Group reissued a “buy” rating and set a $260.00 target price on shares of ServiceNow in a research note on Friday, February 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-two have assigned a buy rating and three have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $227.75.
ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 30th. The information technology services provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.14. ServiceNow had a positive return on equity of 3.95% and a negative net margin of 1.02%. The business had revenue of $715.44 million for the quarter, compared to analyst estimates of $717.73 million. During the same quarter last year, the company earned $0.37 EPS. The business’s quarterly revenue was up 30.3% on a year-over-year basis. On average, sell-side analysts forecast that ServiceNow Inc will post 0.35 earnings per share for the current fiscal year.
In other news, Director Frederic B. Luddy sold 32,500 shares of the firm’s stock in a transaction dated Monday, December 17th. The stock was sold at an average price of $173.94, for a total transaction of $5,653,050.00. Following the sale, the director now owns 282,383 shares of the company’s stock, valued at approximately $49,117,699.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anita M. Sands sold 1,304 shares of the firm’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $235.00, for a total value of $306,440.00. Following the sale, the director now directly owns 9,571 shares in the company, valued at approximately $2,249,185. The disclosure for this sale can be found here. Insiders have sold a total of 264,756 shares of company stock worth $57,018,261 in the last three months. Corporate insiders own 1.60% of the company’s stock.
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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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