Axiom Investors LLC DE Lowers Holdings in ServiceNow, Inc. $NOW

Key Points

• Axiom Investors LLC DE reduced its stake in ServiceNow, Inc. by 31.9%, owning 271,502 shares after selling 127,092 shares in the first quarter.
• ServiceNow's stock has seen several analysts increase their price targets, with Raymond James raising it to $1,100 and Wells Fargo to $1,225, reflecting strong market confidence.
• The CEO of ServiceNow sold 5,825 shares at an average price of $916.63, marking a significant 46.83% decrease in their ownership position.

Axiom Investors LLC DE lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 31.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 271,502 shares of the information technology services provider's stock after selling 127,092 shares during the period. ServiceNow comprises 2.0% of Axiom Investors LLC DE's investment portfolio, making the stock its 20th biggest position. Axiom Investors LLC DE owned approximately 0.13% of ServiceNow worth $216,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. Guardian Wealth Advisors LLC NC acquired a new stake in ServiceNow during the fourth quarter worth approximately $279,000. Kaizen Financial Strategies acquired a new stake in ServiceNow during the fourth quarter worth approximately $215,000. Janus Henderson Group PLC grew its stake in ServiceNow by 1.5% during 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 buying an additional 12,533 shares during the last quarter. Finally, Investment Management Corp of Ontario grew its stake in ServiceNow by 25.1% during the 4th quarter. Investment Management Corp of Ontario now owns 11,189 shares of the information technology services provider's stock worth $11,862,000 after buying an additional 2,242 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research reports. Raymond James Financial raised their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. UBS Group lowered their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Jefferies Financial Group lifted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company lifted their target price 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, Cantor Fitzgerald reissued an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were 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 owned 6,614 shares of the company's stock, valued at $6,062,590.82. This represents a 46.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Up 1.6%

ServiceNow stock opened at $913.29 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a market cap of $189.96 billion, a PE ratio of 115.02, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. The stock's 50 day moving average price is $936.79 and its 200 day moving average price is $922.19.

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

ServiceNow 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.