Alight Capital Management LP Sells 5,000 Shares of ServiceNow, Inc. $NOW

Key Points

• Alight Capital Management LP reduced its stake in ServiceNow, Inc. by 50%, now holding 5,000 shares valued at approximately $3.98 million, which constitutes 1.8% of its portfolio.
• Insider trading revealed that CEO William R. Mcdermott sold 5,825 shares at around $916.63, decreasing his holdings by 46.83%, while General Counsel Russell S. Elmer sold 1,698 shares, reducing his position by 28.16%.
• ServiceNow's stock has seen mixed analyst ratings, with a recent downgrade to a "hold" by Wall Street Zen but several firms maintaining "overweight" ratings with target prices ranging from $1,100 to $1,300.

Alight Capital Management LP trimmed its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,000 shares of the information technology services provider's stock after selling 5,000 shares during the period. ServiceNow accounts for 1.8% of Alight Capital Management LP's portfolio, making the stock its 17th largest position. Alight Capital Management LP's holdings in ServiceNow were worth $3,981,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. Amundi raised its position in shares of ServiceNow by 61.9% in the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after acquiring an additional 626,623 shares in the last quarter. Paragon Private Wealth Management LLC grew its stake 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 worth $542,000 after buying an additional 149 shares during the last quarter. Visualize Group LP purchased a new position in ServiceNow during the 1st quarter worth $5,016,000. Federation des caisses Desjardins du Quebec grew its stake 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 worth $14,754,000 after buying an additional 4,753 shares during the last quarter. Finally, Unisphere Establishment purchased a new position in ServiceNow during the 1st quarter worth $2,986,000. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated 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 directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% 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 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on NOW shares. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday. Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Wells Fargo & Company boosted 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. 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. Finally, Raymond James Financial boosted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Down 0.5%

Shares of NOW opened at $912.93 on Wednesday. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $189.89 billion, a price-to-earnings ratio of 114.98, a PEG ratio of 4.14 and a beta of 0.91. The stock's 50-day moving average price is $943.00 and its 200-day moving average price is $924.15.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly 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 analysts' expectations 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 prior year, the firm posted $3.13 EPS. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow 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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