Atalanta Sosnoff Capital LLC Sells 11,220 Shares of ServiceNow, Inc. $NOW

Key Points

• Atalanta Sosnoff Capital LLC reduced its stake in ServiceNow, Inc. by 15.3%, selling 11,220 shares, leaving them with a total of 62,030 shares valued at approximately $49.38 million.
• Insider selling activity includes Vice Chairman Nicholas Tzitzon and CEO William R. McDermott reducing their stakes by 36.43% and 46.83%, respectively, indicating a significant decrease in their ownership.
• ServiceNow reported strong earnings with an EPS of $4.09 for the quarter, exceeding estimates, and recorded a 22.4% revenue growth year-over-year.

Atalanta Sosnoff Capital LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,030 shares of the information technology services provider's stock after selling 11,220 shares during the period. Atalanta Sosnoff Capital LLC's holdings in ServiceNow were worth $49,384,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new position in shares of ServiceNow in the first quarter worth about $382,000. Janus Henderson Group PLC increased its stake in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after acquiring an additional 12,533 shares during the period. Corient IA LLC bought a new position in ServiceNow during the first quarter valued at about $796,000. Parr Mcknight Wealth Management Group LLC bought a new position in ServiceNow during the first quarter valued at about $1,820,000. Finally, ASR Vermogensbeheer N.V. bought a new position in ServiceNow during the first quarter valued at about $19,278,000. 87.18% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 over the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NOW stock opened at $912.93 on Wednesday. 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 company has a 50 day moving average price of $943.00 and a 200 day moving average price of $924.15. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a market capitalization of $189.89 billion, a PE ratio of 114.98, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91.

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. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.13 EPS. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday. Needham & Company LLC boosted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. 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 report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

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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