ServiceNow, Inc. $NOW Shares Sold by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. significantly reduced its holdings in ServiceNow, Inc. by 99.7% in the first quarter, now owning only 1,049 shares valued at $835,000.
• Institutional investors, including the Vanguard Group and GAMMA Investing LLC, have increased their stakes in ServiceNow, indicating strong interest in the company as 87.18% of the stock is owned by institutional investors.
• Analysts have a positive outlook on ServiceNow, with thirty analysts issuing a Buy rating and a target price averaging $1,115.20, suggesting potential growth despite a recent stock decline.

1832 Asset Management L.P. lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 99.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,049 shares of the information technology services provider's stock after selling 396,820 shares during the period. 1832 Asset Management L.P.'s holdings in ServiceNow were worth $835,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC raised its holdings in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after buying an additional 30 shares during the last quarter. Quarry LP bought a new position in shares of ServiceNow in the 4th quarter worth about $27,000. The Manufacturers Life Insurance Company boosted its holdings in shares of ServiceNow by 3.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 184,745 shares of the information technology services provider's stock worth $195,860,000 after buying an additional 6,232 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of ServiceNow by 40.5% in the fourth quarter. AQR Capital Management LLC now owns 224,508 shares of the information technology services provider's stock worth $238,005,000 after buying an additional 64,737 shares during the last quarter. Finally, Voleon Capital Management LP purchased a new position in shares of ServiceNow in the fourth quarter worth approximately $8,685,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,585 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the transaction, the chief executive officer directly owned 12,439 shares of the company's stock, valued at $11,195,100. This trade represents a 11.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm'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 transaction of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,302 shares of company stock worth $10,956,796 over the last ninety days. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Down 1.8%

NYSE:NOW traded down $16.97 during mid-day trading on Friday, reaching $911.63. The company's stock had a trading volume of 936,634 shares, compared to its average volume of 1,713,645. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock has a fifty day moving average of $946.91 and a 200-day moving average of $926.16. The firm has a market capitalization of $189.62 billion, a PE ratio of 114.93, a price-to-earnings-growth ratio of 4.01 and a beta of 0.93. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on NOW. Piper Sandler raised their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. JMP Securities restated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. Stifel Nicolaus lifted their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Finally, Royal Bank Of Canada lifted their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.