ServiceNow, Inc. (NYSE:NOW) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 2.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 247,222 shares of the information technology services provider’s stock after selling 6,573 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of ServiceNow worth $194,482,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Optas LLC grew its holdings in ServiceNow by 1.7% in the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after purchasing an additional 14 shares during the period. Cedar Wealth Management LLC grew its holdings in ServiceNow by 5.5% in the first quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock valued at $204,000 after purchasing an additional 14 shares during the period. Financial Advocates Investment Management grew its holdings in ServiceNow by 2.7% in the second quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock valued at $415,000 after purchasing an additional 14 shares during the period. Forbes J M & Co. LLP grew its holdings in ServiceNow by 0.3% in the first quarter. Forbes J M & Co. LLP now owns 5,293 shares of the information technology services provider’s stock valued at $4,035,000 after purchasing an additional 15 shares during the period. Finally, Regent Peak Wealth Advisors LLC grew its holdings in ServiceNow by 3.9% in the first quarter. Regent Peak Wealth Advisors LLC now owns 400 shares of the information technology services provider’s stock valued at $305,000 after purchasing an additional 15 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. TD Cowen boosted their price objective on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Robert W. Baird boosted their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Tuesday, May 7th. JPMorgan Chase & Co. boosted their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $900.00 price objective on shares of ServiceNow in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $849.62.

ServiceNow Stock Up 2.9 %

NOW traded up $23.73 during trading on Friday, hitting $855.00. The company had a trading volume of 1,916,043 shares, compared to its average volume of 1,294,300. The company has a market cap of $175.28 billion, a PE ratio of 91.44, a P/E/G ratio of 4.82 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $857.25. The business has a 50-day moving average of $789.70 and a 200-day moving average of $760.16. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm’s revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.77 earnings per share. As a group, analysts forecast that ServiceNow, Inc. will post 6.84 earnings per share for the current year.

Insiders Place Their Bets

In other ServiceNow news, insider Christopher Bedi sold 215 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total transaction of $150,500.00. Following the sale, the insider now directly owns 15,892 shares of the company’s stock, valued at $11,124,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction dated 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 completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher Bedi sold 215 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total transaction of $150,500.00. Following the transaction, the insider now owns 15,892 shares of the company’s stock, valued at approximately $11,124,400. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,129 shares of company stock valued at $5,759,436. Company insiders own 0.25% of the company’s stock.

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.