Advisors Capital Management LLC Sells 5,660 Shares of ServiceNow, Inc. $NOW

Key Points

• Advisors Capital Management LLC sold 5,660 shares of ServiceNow, reducing its position by 37.7% during the 1st quarter, leaving them with 9,362 shares valued at approximately $7.45 million.
• ServiceNow reported earnings of $4.09 per share, exceeding analysts' expectations by $0.52, and achieved a quarterly revenue of $3.22 billion, marking a 22.4% increase compared to the previous year.
• Analysts have set a consensus target price of $1,115.20 for ServiceNow, with the stock currently rated as a "Moderate Buy" by market analysts.

Advisors Capital Management LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 37.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 9,362 shares of the information technology services provider's stock after selling 5,660 shares during the quarter. Advisors Capital Management LLC's holdings in ServiceNow were worth $7,454,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after acquiring an additional 297,734 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after acquiring an additional 188,292 shares during the period. GAMMA Investing LLC grew its stake in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of ServiceNow by 3.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock worth $2,814,433,000 after acquiring an additional 87,876 shares during the period. Finally, Nuveen LLC bought a new position in shares of ServiceNow during the 1st quarter worth $1,817,535,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW opened at $940.23 on Friday. The stock has a 50-day moving average price of $929.66 and a 200-day moving average price of $922.41. The company has a market cap of $195.57 billion, a PE ratio of 118.42, a price-to-earnings-growth ratio of 4.17 and a beta of 0.91. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. 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 (NYSE:NOW - Get Free Report) last released 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. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.13 EPS. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NOW has been the subject of several analyst reports. Cantor Fitzgerald restated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Citigroup raised their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. Finally, Wells Fargo & Company raised their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Buying and Selling

In related news, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares in the company, valued at $409,037.85. The trade was a 76.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business'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 $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock worth $17,049,775 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Company 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.

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