Allstate Corp Sells 1,508 Shares of ServiceNow, Inc. $NOW

Key Points

• Allstate Corp reduced its stake in ServiceNow, Inc. by 24.8%, selling 1,508 shares and holding a total of 4,574 shares valued at approximately $3.64 million.
• ServiceNow stock received multiple upgrades from analysts, with price targets rising; Needham & Company raised its target from $1,050 to $1,200.
• CFO Gina Mastantuono sold 1,762 shares of ServiceNow at an average price of $866.45, marking a 12.59% decrease in her holdings.

Allstate Corp decreased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,574 shares of the information technology services provider's stock after selling 1,508 shares during the quarter. Allstate Corp's holdings in ServiceNow were worth $3,642,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its stake in shares of ServiceNow by 1.1% in the fourth 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 period. Hancock Whitney Corp boosted its holdings in ServiceNow by 1.3% in the fourth quarter. Hancock Whitney Corp now owns 1,486 shares of the information technology services provider's stock valued at $1,575,000 after acquiring an additional 19 shares during the last quarter. Kovitz Investment Group Partners LLC increased its position in ServiceNow by 136.3% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 28,944 shares of the information technology services provider's stock valued at $30,684,000 after purchasing an additional 16,696 shares during the period. Rothschild Capital Partners LLC bought a new position in ServiceNow during the 4th quarter worth approximately $382,000. Finally, Lord Abbett & CO. LLC lifted its position in shares of ServiceNow by 62.6% in the 4th quarter. Lord Abbett & CO. LLC now owns 175,252 shares of the information technology services provider's stock worth $185,788,000 after purchasing an additional 67,475 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NOW shares. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen raised shares of ServiceNow from a "hold" rating to a "buy" rating in a research report on Tuesday, July 29th. BMO Capital Markets increased their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the sale, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,096 shares of company stock valued at $14,807,562. Corporate insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW opened at $885.7930 on Friday. The firm has a market capitalization of $184.24 billion, a P/E ratio of 111.56, a P/E/G ratio of 3.95 and a beta of 0.93. The firm's 50-day moving average price is $955.00 and its 200-day moving average price is $929.70. 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, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

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

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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