Annex Advisory Services LLC Decreases Stake in ServiceNow, Inc. $NOW

Key Points

• Annex Advisory Services LLC significantly reduced its holdings in ServiceNow, Inc. by 60.8% during the second quarter, leaving it with a stock position valued at $329,000.
• ServiceNow's revenue for the last quarter rose 22.4% year-over-year, reaching $3.22 billion, and it reported earnings per share of $4.09, surpassing analysts' expectations.
• Analysts have issued positive ratings with several increasing their price targets for ServiceNow, with targets ranging from $1,150.00 to $1,250.00, reflecting strong market confidence.

Annex Advisory Services LLC cut its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 60.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 320 shares of the information technology services provider's stock after selling 496 shares during the period. Annex Advisory Services LLC's holdings in ServiceNow were worth $329,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Walter Public Investments Inc. grew its holdings in shares of ServiceNow by 8.1% during the second quarter. Walter Public Investments Inc. now owns 17,979 shares of the information technology services provider's stock worth $18,484,000 after buying an additional 1,349 shares during the last quarter. Ullmann Wealth Partners Group LLC purchased a new stake in ServiceNow in the 2nd quarter valued at about $206,000. Compass Ion Advisors LLC grew its holdings in shares of ServiceNow by 2.6% during the 2nd quarter. Compass Ion Advisors LLC now owns 782 shares of the information technology services provider's stock worth $804,000 after purchasing an additional 20 shares during the period. BTC Capital Management Inc. grew its stake in shares of ServiceNow by 11.1% in the second quarter. BTC Capital Management Inc. now owns 1,458 shares of the information technology services provider's stock valued at $1,499,000 after buying an additional 146 shares in the last quarter. Finally, Orrstown Financial Services Inc. grew its stake in shares of ServiceNow by 14.4% during the second quarter. Orrstown Financial Services Inc. now owns 947 shares of the information technology services provider's stock valued at $974,000 after acquiring an additional 119 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

NYSE:NOW traded down $12.66 during trading hours on Monday, hitting $948.49. The stock had a trading volume of 1,207,801 shares, compared to its average volume of 1,502,164. The company has a 50 day simple moving average of $922.33 and a two-hundred day simple moving average of $924.52. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $197.29 billion, a price-to-earnings ratio of 119.46, a P/E/G ratio of 4.33 and a beta of 0.91.

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

Insider Activity

In other news, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the sale, the chief financial officer owned 12,228 shares of the company's stock, valued at $10,594,950.60. This trade represents a 12.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 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 $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NOW shares. DA Davidson increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Oppenheimer reissued an "outperform" rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. BMO Capital Markets raised their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Bank of America boosted their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Guggenheim reissued a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. One 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 company. Based on data from MarketBeat, the stock presently has an average 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.