Associated Banc Corp Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Associated Banc Corp has reduced its stake in ServiceNow, Inc. by 10.7%, now holding 73,051 shares valued at approximately $58.16 million.
• ServiceNow reported earnings of $4.09 per share, surpassing analysts' expectations of $3.57, along with a revenue of $3.22 billion, marking a 22.4% year-over-year increase.
• Analysts have recently upgraded ServiceNow's stock rating, with thirty analysts giving a "buy" rating and a consensus price target of $1,115.20.

Associated Banc Corp trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,051 shares of the information technology services provider's stock after selling 8,754 shares during the quarter. ServiceNow accounts for about 1.8% of Associated Banc Corp's portfolio, making the stock its 12th largest position. Associated Banc Corp's holdings in ServiceNow were worth $58,159,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after acquiring an additional 12,533 shares during the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow during the 1st quarter valued at about $1,820,000. Nicholas Investment Partners LP increased its holdings in shares of ServiceNow by 223.5% in the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after purchasing an additional 1,938 shares during the period. ING Groep NV raised its stake in shares of ServiceNow by 448.0% in the first quarter. ING Groep NV now owns 253,804 shares of the information technology services provider's stock worth $202,064,000 after purchasing an additional 207,493 shares during the last quarter. Finally, Eastern Bank lifted its holdings in shares of ServiceNow by 0.9% during the first quarter. Eastern Bank now owns 54,771 shares of the information technology services provider's stock worth $43,605,000 after purchasing an additional 511 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Trading Down 4.4%

NOW traded down $40.00 during trading hours on Thursday, reaching $872.31. The company's stock had a trading volume of 2,793,959 shares, compared to its average volume of 1,625,884. The business's 50-day moving average is $985.72 and its 200-day moving average is $946.30. 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 stock has a market cap of $181.44 billion, a PE ratio of 109.86, a P/E/G ratio of 4.11 and a beta of 0.93. 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 announced its quarterly 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. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The company's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.13 EPS. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on NOW. JPMorgan Chase & Co. cut their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Jefferies Financial Group boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Citigroup lifted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, DA Davidson raised their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 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 $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the sale, the director owned 10,891 shares of the company's stock, valued at $11,039,226.51. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock valued at $5,318,667 over the last quarter. 0.38% of the stock is owned by insiders.

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.