Annis Gardner Whiting Capital Advisors LLC Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Annis Gardner Whiting Capital Advisors LLC drastically reduced its holdings in ServiceNow, Inc. by 89.8%, owning only 158 shares worth $126,000 after selling 1,393 shares during the first quarter.
• ServiceNow reported earnings per share of $4.09 for the last quarter, surpassing predictions by $0.52, with revenue increasing by 22.4% year-over-year to $3.22 billion.
• Insider trades showed significant reductions, with Director Lawrence Jackson selling 757 shares at an average price of $990.50, indicating a 56.28% decrease in his position.

Annis Gardner Whiting Capital Advisors LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 89.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 158 shares of the information technology services provider's stock after selling 1,393 shares during the period. Annis Gardner Whiting Capital Advisors LLC's holdings in ServiceNow were worth $126,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in NOW. Quarry LP bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $27,000. Bogart Wealth LLC raised its holdings in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the first quarter valued at approximately $26,000. Heck Capital Advisors LLC purchased a new position in ServiceNow during the 4th quarter worth $37,000. Finally, WASHINGTON TRUST Co raised its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOW. Royal Bank Of Canada lifted their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Canaccord Genuity Group dropped their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. TD Securities reiterated a "buy" rating and set a $1,100.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Piper Sandler upped their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity

In related news, Director Lawrence Jackson sold 757 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the sale, the director owned 588 shares in the company, valued at $582,414. This represents a 56.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 145 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at approximately $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock worth $5,318,667 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

ServiceNow Stock Down 4.4%

NYSE NOW traded down $40.00 on Thursday, hitting $872.31. 2,793,959 shares of the stock were exchanged, compared to its average volume of 1,625,884. The company has a market cap of $181.44 billion, a PE ratio of 109.86, a PEG ratio of 4.11 and a beta of 0.93. The company has a 50-day moving average price of $985.72 and a 200-day moving average price of $946.30. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data 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 company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last 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. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS 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.