Bank of Hawaii Sells 1,255 Shares of ServiceNow, Inc. $NOW

Key Points

• Bank of Hawaii reduced its stake in ServiceNow, Inc. by 81.8%, selling 1,255 shares and retaining 279 shares valued at $222,000.
• Several institutional investors increased their holdings in ServiceNow during the fourth quarter, with Insight Holdings Group LLC boosting their position by 759.5% and currently owning 31,800 shares valued at $33.7 million.
• ServiceNow reported earnings of $4.09 EPS for the last quarter, exceeding estimates and reflecting a 22.4% year-over-year revenue increase, bringing total revenue to $3.22 billion.

Bank of Hawaii trimmed its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 81.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 279 shares of the information technology services provider's stock after selling 1,255 shares during the period. Bank of Hawaii's holdings in ServiceNow were worth $222,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NOW. Brighton Jones LLC increased its position in shares of ServiceNow by 1.1% in 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 during the last quarter. Quarry LP bought a new position in shares of ServiceNow in the fourth quarter worth approximately $27,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of ServiceNow in the fourth quarter worth approximately $642,000. Insight Holdings Group LLC increased its position in shares of ServiceNow by 759.5% in the fourth quarter. Insight Holdings Group LLC now owns 31,800 shares of the information technology services provider's stock worth $33,712,000 after purchasing an additional 28,100 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of ServiceNow by 3.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 184,745 shares of the information technology services provider's stock worth $195,860,000 after purchasing an additional 6,232 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 1,585 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the sale, the chief executive officer directly owned 12,439 shares of the company's stock, valued at $11,195,100. The trade was a 11.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,668 shares of company stock valued at $14,373,737 over the last three months. Insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of several research reports. Oppenheimer reaffirmed 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. FBN Securities raised ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Scotiabank set a $1,100.00 target price on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Raymond James Financial upped their target price 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. 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 given a Sell rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Performance

NYSE:NOW opened at $880.2720 on Tuesday. The firm has a market cap of $183.10 billion, a PE ratio of 110.87, a price-to-earnings-growth ratio of 4.00 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. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The business has a 50 day moving average price of $952.50 and a 200-day moving average price of $927.48.

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 company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. The firm's revenue was up 22.4% on a year-over-year basis. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.

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