Adage Capital Partners GP L.L.C. Cuts Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in ServiceNow, Inc. to $134.47 million by selling 18,700 shares, marking a 10% decrease in ownership.
• Numerous brokerages have raised their price targets for ServiceNow, with Jefferies Financial Group increasing theirs from $1,025 to $1,150, indicating strong confidence in the company's performance.
• ServiceNow recently reported earnings of $4.09 per share, surpassing estimates and showing a 22.4% increase in quarterly revenue compared to last year.

Adage Capital Partners GP L.L.C. lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 168,900 shares of the information technology services provider's stock after selling 18,700 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.08% of ServiceNow worth $134,468,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. Paragon Private Wealth Management LLC lifted its position in ServiceNow by 28.0% during the 1st quarter. Paragon Private Wealth Management LLC now owns 681 shares of the information technology services provider's stock valued at $542,000 after purchasing an additional 149 shares during the period. Visualize Group LP acquired a new position in ServiceNow during the 1st quarter valued at about $5,016,000. Federation des caisses Desjardins du Quebec lifted its position in ServiceNow by 34.5% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 18,531 shares of the information technology services provider's stock valued at $14,754,000 after purchasing an additional 4,753 shares during the period. Unisphere Establishment acquired a new position in ServiceNow during the 1st quarter valued at about $2,986,000. Finally, First Manhattan CO. LLC. lifted its position in ServiceNow by 13.1% during the 1st quarter. First Manhattan CO. LLC. now owns 1,655 shares of the information technology services provider's stock valued at $1,318,000 after purchasing an additional 192 shares during the period. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other news, 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 transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $10,594,950.60. This represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 in the last three months. Insiders own 0.38% of the company's stock.

ServiceNow Stock Up 0.9%

NOW traded up $8.58 during trading on Wednesday, reaching $920.00. 1,314,750 shares of the stock were exchanged, compared to its average volume of 1,853,854. The stock has a market cap of $191.36 billion, a P/E ratio of 115.87, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock's 50 day moving average price is $941.28 and its two-hundred day moving average price is $924.12. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results 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 business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the company earned $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on NOW. Piper Sandler increased their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. FBN Securities raised ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Finally, Stifel Nicolaus raised their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average 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.