ServiceNow, Inc. (NYSE:NOW) COO Chirantan Jitendra Desai Sells 4,500 Shares of Stock

ServiceNow, Inc. (NYSE:NOW) COO Chirantan Jitendra Desai sold 4,500 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $592.10, for a total transaction of $2,664,450.00. Following the completion of the transaction, the chief operating officer now owns 41,307 shares in the company, valued at $24,457,874.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ServiceNow Price Performance

NOW stock opened at $597.16 on Wednesday. The firm has a 50 day moving average of $568.15 and a 200-day moving average of $509.75. The company has a market cap of $121.67 billion, a price-to-earnings ratio of 86.05, a PEG ratio of 5.96 and a beta of 1.01. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.21. ServiceNow, Inc. has a 12-month low of $337.00 and a 12-month high of $614.36.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 26th. The information technology services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.34. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.13 billion. ServiceNow had a return on equity of 11.07% and a net margin of 17.76%. As a group, equities analysts expect that ServiceNow, Inc. will post 3.59 EPS for the current fiscal year.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich grew its holdings in ServiceNow by 96,156.9% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 23,469,361 shares of the information technology services provider’s stock valued at $13,189,077,000 after buying an additional 23,444,979 shares during the last quarter. Norges Bank acquired a new stake in shares of ServiceNow during the fourth quarter valued at $872,202,000. Jennison Associates LLC purchased a new stake in ServiceNow during the 2nd quarter worth about $1,127,232,000. GQG Partners LLC raised its stake in ServiceNow by 63,533.9% in the 1st quarter. GQG Partners LLC now owns 1,536,122 shares of the information technology services provider’s stock valued at $713,867,000 after purchasing an additional 1,533,708 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC lifted its holdings in ServiceNow by 69,897.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock valued at $332,386,000 after purchasing an additional 854,846 shares in the last quarter. 87.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Mizuho increased their target price on shares of ServiceNow from $510.00 to $620.00 in a research report on Monday, July 17th. StockNews.com initiated coverage on ServiceNow in a report on Thursday, August 17th. They issued a “buy” rating for the company. Guggenheim raised their price target on ServiceNow from $518.00 to $657.00 and gave the stock a “buy” rating in a research note on Wednesday, July 19th. BMO Capital Markets boosted their price objective on ServiceNow from $515.00 to $630.00 in a research note on Thursday, July 27th. Finally, JMP Securities raised their target price on shares of ServiceNow from $553.00 to $665.00 and gave the stock an “outperform” rating in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $591.38.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.