Panagora Asset Management Inc. Sells 40,288 Shares of ServiceNow, Inc. $NOW

Panagora Asset Management Inc. cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 183,806 shares of the information technology services provider's stock after selling 40,288 shares during the quarter. ServiceNow accounts for 0.7% of Panagora Asset Management Inc.'s holdings, making the stock its 26th largest position. Panagora Asset Management Inc. owned 0.09% of ServiceNow worth $146,335,000 as of its most recent SEC filing.

• How ServiceNow Is Turning AI Strategy Into Real Revenue

Several other hedge funds also recently made changes to their positions in NOW. GAMMA Investing LLC increased its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Nuveen LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Finally, Parnassus Investments LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $519,806,000. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,302 shares of company stock worth $10,956,796. Corporate insiders own 0.38% of the company's stock.

Analyst Ratings Changes

• Analysts Are Upgrading These 3 Massive AI Stocks After Earnings

NOW has been the topic of several analyst reports. Royal Bank Of Canada increased their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Wells Fargo & Company increased their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Needham & Company LLC raised their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

View Our Latest Stock Analysis on ServiceNow

ServiceNow Trading Down 1.1%

• ServiceNow: The 2nd Wave of AI Spending Is Here

ServiceNow stock opened at $918.49 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock's 50 day simple moving average is $945.88 and its two-hundred day simple moving average is $925.54. The firm has a market cap of $191.04 billion, a PE ratio of 115.68, a P/E/G ratio of 4.19 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 EPS. The business's quarterly revenue was up 22.4% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.

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