Allspring Global Investments Holdings LLC Sells 25,745 Shares of ServiceNow, Inc. $NOW

Allspring Global Investments Holdings LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 263,167 shares of the information technology services provider’s stock after selling 25,745 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ServiceNow were worth $266,296,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Haverford Trust Co raised its holdings in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after buying an additional 10 shares during the period. Ascent Group LLC raised its holdings in shares of ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after buying an additional 10 shares during the period. Edgemoor Investment Advisors Inc. raised its holdings in shares of ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $366,000 after buying an additional 11 shares during the period. Integrated Investment Consultants LLC increased its holdings in ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock worth $358,000 after purchasing an additional 11 shares during the period. Finally, one8zero8 LLC increased its holdings in ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock worth $283,000 after purchasing an additional 11 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 3.2%

Shares of NYSE NOW opened at $888.63 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $184.84 billion, a PE ratio of 111.92, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92. The stock’s fifty day simple moving average is $909.21 and its two-hundred day simple moving average is $932.99. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.13 EPS. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on NOW shares. Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. Wells Fargo & Company raised their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Barclays set a $1,210.00 price objective on ServiceNow in a report on Thursday, July 24th. Finally, Raymond James Financial raised their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,122.20.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares of the company’s stock, valued at $409,037.85. The trade was a 76.06% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by company insiders.

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.