Putnam Investments LLC Sells 1,306 Shares of ServiceNow, Inc. (NYSE:NOW)

Putnam Investments LLC lessened its position in ServiceNow, Inc. (NYSE:NOW) by 4.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,330 shares of the information technology services provider’s stock after selling 1,306 shares during the quarter. Putnam Investments LLC’s holdings in ServiceNow were worth $13,630,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. CoreCap Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter valued at about $27,000. Barrett & Company Inc. bought a new position in shares of ServiceNow during the first quarter valued at about $28,000. High Net Worth Advisory Group LLC bought a new position in shares of ServiceNow during the first quarter valued at about $29,000. Larson Financial Group LLC grew its stake in shares of ServiceNow by 153.8% during the first quarter. Larson Financial Group LLC now owns 66 shares of the information technology services provider’s stock valued at $31,000 after buying an additional 40 shares during the last quarter. Finally, Resources Management Corp CT ADV grew its stake in shares of ServiceNow by 233.3% during the first quarter. Resources Management Corp CT ADV now owns 500 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 350 shares during the last quarter. Institutional investors own 87.14% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $579.58 on Friday. The company has a market capitalization of $118.08 billion, a P/E ratio of 83.51, a price-to-earnings-growth ratio of 5.96 and a beta of 1.01. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $573.51 and a 200 day moving average of $516.53. ServiceNow, Inc. has a twelve month low of $337.00 and a twelve month high of $614.36.

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

Insider Activity

In other news, Director Paul Edward Chamberlain sold 90 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $551.52, for a total transaction of $49,636.80. Following the completion of the sale, the director now owns 10,879 shares of the company’s stock, valued at approximately $5,999,986.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, General Counsel Russell S. Elmer sold 1,223 shares of ServiceNow stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $546.99, for a total transaction of $668,968.77. Following the transaction, the general counsel now owns 4,136 shares in the company, valued at approximately $2,262,350.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Paul Edward Chamberlain sold 90 shares of ServiceNow stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $551.52, for a total transaction of $49,636.80. Following the transaction, the director now owns 10,879 shares in the company, valued at approximately $5,999,986.08. The disclosure for this sale can be found here. Insiders sold a total of 17,951 shares of company stock valued at $10,147,437 in the last 90 days. Company insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Evercore ISI raised their price objective on ServiceNow from $550.00 to $650.00 and gave the company an “overweight” rating in a research note on Tuesday, August 15th. JMP Securities increased their target price on shares of ServiceNow from $553.00 to $665.00 and gave the stock an “outperform” rating in a report on Monday, July 24th. TheStreet upgraded shares of ServiceNow from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. HSBC started coverage on shares of ServiceNow in a report on Friday. They set a “buy” rating and a $704.00 target price for the company. Finally, StockNews.com started coverage on shares of ServiceNow in a report on Thursday, August 17th. They set a “buy” rating for the company. Two analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $594.79.

ServiceNow Company Profile

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.