West Branch Capital LLC Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

West Branch Capital LLC lowered its holdings in ServiceNow, Inc. (NYSE:NOW) by 73.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 109 shares of the information technology services provider’s stock after selling 308 shares during the period. West Branch Capital LLC’s holdings in ServiceNow were worth $87,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $27,000. Atala Financial Inc purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $32,000. FPC Investment Advisory Inc. lifted its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider now owns 3,000 shares of the company’s stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer now owns 6,614 shares in the company, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NOW. Canaccord Genuity Group lowered their target price on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. UBS Group reissued a “buy” rating and issued a $1,025.00 target price (up from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. William Blair reissued an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Barclays set a $1,085.00 price target on ServiceNow in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus upped their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

ServiceNow Stock Performance

NOW opened at $987.71 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $204.44 billion, a price-to-earnings ratio of 144.61, a PEG ratio of 4.51 and a beta of 0.95. The company’s 50 day moving average is $944.56 and its 200 day moving average is $973.45. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.41 earnings per share. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.