Van ECK Associates Corp Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

Van ECK Associates Corp reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 13.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,853 shares of the information technology services provider’s stock after selling 2,255 shares during the period. Van ECK Associates Corp’s holdings in ServiceNow were worth $11,324,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Managment Co. purchased a new position in ServiceNow in the fourth quarter valued at $29,000. AdvisorNet Financial Inc increased its stake in shares of ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares in the last quarter. Disciplined Equity Management Inc. purchased a new position in ServiceNow in the 4th quarter valued at about $35,000. Sachetta LLC acquired a new stake in ServiceNow in the 4th quarter worth about $35,000. Finally, PFG Private Wealth Management LLC purchased a new stake in ServiceNow during the 1st quarter worth approximately $38,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Trading Up 2.3 %

Shares of NOW stock traded up $17.89 during trading hours on Friday, hitting $803.81. The company had a trading volume of 572,157 shares, compared to its average volume of 1,269,497. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $164.78 billion, a PE ratio of 84.83, a price-to-earnings-growth ratio of 4.93 and a beta of 0.99. The company’s fifty day moving average is $731.14 and its 200 day moving average is $743.28. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $815.32.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 EPS for the quarter, topping the consensus estimate of $1.41 by $0.41. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. Research analysts expect that ServiceNow, Inc. will post 6.5 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $2,521,422.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ServiceNow news, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $2,521,422.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul John Smith sold 602 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $769.75, for a total value of $463,389.50. Following the sale, the insider now directly owns 3,619 shares in the company, valued at approximately $2,785,725.25. The disclosure for this sale can be found here. Insiders sold 5,530 shares of company stock worth $3,997,012 in the last three months. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Stifel Nicolaus restated a “buy” rating and issued a $820.00 target price on shares of ServiceNow in a research report on Tuesday. Jefferies Financial Group upped their target price on shares of ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. JMP Securities reissued a “market outperform” rating and issued a $825.00 price target on shares of ServiceNow in a research note on Tuesday, May 7th. Wolfe Research reaffirmed an “outperform” rating and set a $830.00 price objective on shares of ServiceNow in a research note on Friday, May 10th. Finally, KeyCorp cut their price objective on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $813.28.

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.