OVERSEA CHINESE BANKING Corp Ltd Sells 4,080 Shares of ServiceNow, Inc. (NYSE:NOW)

OVERSEA CHINESE BANKING Corp Ltd cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 10.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 36,429 shares of the information technology services provider’s stock after selling 4,080 shares during the period. ServiceNow comprises approximately 0.9% of OVERSEA CHINESE BANKING Corp Ltd’s holdings, making the stock its 28th largest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ServiceNow were worth $32,547,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in NOW. Creekmur Asset Management LLC bought a new position in shares of ServiceNow in the 1st quarter worth about $25,000. Versant Capital Management Inc raised its position 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 worth $27,000 after acquiring an additional 28 shares in the last quarter. EntryPoint Capital LLC grew its stake in shares of ServiceNow by 3,900.0% in the 1st 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. Ridgewood Investments LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at about $32,000. Finally, DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Paul Edward Chamberlain sold 135 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total value of $110,970.00. Following the sale, the director now owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ServiceNow news, Director Paul Edward Chamberlain sold 135 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total value of $110,970.00. Following the completion of the transaction, the director now owns 10,767 shares in the company, valued at $8,850,474. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,539 shares of company stock valued at $2,138,333. 0.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on NOW. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $900.00 to $960.00 in a research note on Monday, October 21st. UBS Group raised their target price on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Needham & Company LLC raised their target price on ServiceNow from $900.00 to $1,075.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Barclays raised their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Piper Sandler raised their target price on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $970.33.

ServiceNow Trading Up 2.8 %

NYSE:NOW opened at $1,036.73 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $213.57 billion, a PE ratio of 161.23, a price-to-earnings-growth ratio of 5.79 and a beta of 0.98. The firm’s 50 day moving average is $916.20 and its 200 day moving average is $815.82. ServiceNow, Inc. has a 12 month low of $632.25 and a 12 month high of $1,038.00.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

About ServiceNow

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.