Empirical Asset Management LLC has significantly reduced its stake in ServiceNow, Inc. (NYSE:NOW) by **43.7%** during the second quarter of 2023. According to a filing with the U.S. Securities and Exchange Commission, the institutional investor now holds **215 shares** after selling **167 shares** during this period, valued at approximately **$221,000**.
Changes in institutional holdings have been noteworthy. Global X Japan Co. Ltd. acquired a new stake in ServiceNow valued at around **$30,000** in the same quarter. Meanwhile, Bogart Wealth LLC increased its position by **113.3%**, owning **32 shares** valued at **$25,000** following the acquisition of **17 additional shares**. Richardson Financial Services Inc. also raised its position by **50%**, owning **33 shares** valued at **$33,000**, and WASHINGTON TRUST Co. reported an impressive **620%** increase in its holdings, now owning **36 shares** valued at **$29,000**. Overall, institutional investors currently own **87.18%** of ServiceNow’s stock.
Analysts Project Growth for ServiceNow
Several equity research analysts have recently updated their outlook for ServiceNow. On **July 24**, Jefferies Financial Group raised its price target from **$1,025.00** to **$1,150.00**, maintaining a “buy” rating. Erste Group Bank reaffirmed a “hold” rating, while JMP Securities set a price objective of **$1,300.00** with a “market outperform” rating. Bank of America also increased its price target from **$1,110.00** to **$1,200.00**, continuing to endorse a “buy” rating.
According to data from MarketBeat.com, the consensus rating for ServiceNow is classified as a “Moderate Buy,” with an average target price of **$1,121.37**. The stock has received two Strong Buy ratings, thirty Buy ratings, three Hold ratings, and one Sell rating from analysts.
Insider Transactions and Stock Performance
In recent insider trading news, General Counsel **Russell S. Elmer** sold **1,698 shares** on **August 20** at an average price of **$884.26**, totaling about **$1.5 million**. Following this transaction, he retains **4,332 shares**, reflecting a **28.16%** decrease in his ownership. Similarly, insider **Jacqueline P. Canney** sold **1,562 shares** on **August 18** for approximately **$1.35 million**, reducing her position by **34.04%** to **3,027 shares**.
Over the past 90 days, insiders have sold **18,737 shares** of ServiceNow stock, valued at **$16.8 million**. Company insiders now hold only **0.38%** of the total shares.
As for market performance, ServiceNow’s stock opened at **$904.57** on Friday. The shares have fluctuated, with a one-year low of **$678.66** and a high of **$1,198.09**. The company’s market capitalization stands at **$188.15 billion**, with a price-to-earnings ratio of **113.93** and a PEG ratio of **4.03**.
ServiceNow’s most recent quarterly earnings report, released on **July 23**, showed robust performance. The company reported **$4.09** earnings per share (EPS), surpassing the consensus estimate of **$3.57** by **$0.52**. Revenue for the quarter reached **$3.22 billion**, exceeding forecasts of **$3.12 billion** and reflecting a **22.4%** increase compared to the same quarter last year. Analysts predict that ServiceNow will achieve earnings of **$8.93** per share for the current year.
ServiceNow, Inc. provides comprehensive workflow automation solutions tailored for digital businesses across North America, Europe, the Middle East, Africa, and the Asia Pacific region. The company operates the Now Platform, which supports digital transformation through artificial intelligence, machine learning, robotic process automation, and other innovative technologies.
