Manchester Financial Inc. Sells 617 Shares of ServiceNow, Inc. (NYSE:NOW)

Manchester Financial Inc. trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 65.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 323 shares of the information technology services provider’s stock after selling 617 shares during the quarter. Manchester Financial Inc.’s holdings in ServiceNow were worth $289,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Independence Bank of Kentucky raised its holdings in ServiceNow by 27.2% in the 1st quarter. Independence Bank of Kentucky now owns 117 shares of the information technology services provider’s stock worth $89,000 after purchasing an additional 25 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in shares of ServiceNow by 45.1% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 2,389 shares of the information technology services provider’s stock valued at $1,821,000 after acquiring an additional 743 shares during the period. Vicus Capital purchased a new stake in ServiceNow in the 1st quarter worth approximately $306,000. SteelPeak Wealth LLC bought a new stake in ServiceNow during the 1st quarter worth approximately $485,000. Finally, LVW Advisors LLC lifted its holdings in ServiceNow by 18.0% during the first quarter. LVW Advisors LLC now owns 347 shares of the information technology services provider’s stock valued at $265,000 after purchasing an additional 53 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Robert W. Baird increased their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday. JMP Securities increased their price target on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. Jefferies Financial Group upped their price objective on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Piper Sandler increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Oppenheimer boosted their price target on ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $970.33.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other ServiceNow news, insider Jacqueline P. Canney sold 804 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total value of $652,848.00. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,457,924. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,467 shares of company stock worth $4,450,447 over the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 0.6 %

NYSE NOW opened at $950.85 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a 52 week low of $548.44 and a 52 week high of $979.78. The firm has a market capitalization of $195.88 billion, a price-to-earnings ratio of 171.94, a PEG ratio of 5.04 and a beta of 0.99. The company has a fifty day moving average of $885.56 and a two-hundred day moving average of $797.46.

ServiceNow (NYSE:NOW) last released 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. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the company earned $1.21 EPS. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, analysts predict that ServiceNow, Inc. will post 7.41 earnings per share 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.