Banque Transatlantique SA Cuts Holdings in ServiceNow, Inc. $NOW

Key Points

• Banque Transatlantique SA has significantly reduced its stake in ServiceNow, Inc. by 74%, with holdings now valued at approximately $10.57 million after selling over 40,000 shares.
• ServiceNow reported an earnings per share (EPS) of $4.09 for its latest quarter, exceeding analyst expectations, along with a revenue of $3.22 billion, marking a 22.4% year-over-year increase.
• Insider trading activity saw CEO William R. McDermott selling shares valued at $5.34 million, reflecting a 46.83% decrease in his ownership of the stock.

Banque Transatlantique SA reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 74.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,360 shares of the information technology services provider's stock after selling 40,904 shares during the quarter. Banque Transatlantique SA's holdings in ServiceNow were worth $10,565,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Haverford Trust Co raised its position in ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. raised its position in ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC raised its position in ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares during the period. one8zero8 LLC raised its position in ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 shares during the period. Finally, Capital Investment Advisory Services LLC raised its position in ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after purchasing an additional 12 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 0.5%

NYSE:NOW opened at $912.93 on Wednesday. The company has a market capitalization of $189.89 billion, a price-to-earnings ratio of 114.98, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock has a 50-day simple moving average of $943.00 and a 200 day simple moving average of $924.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period last year, the firm earned $3.13 earnings per share. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

NOW has been the topic of several research reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Citigroup raised their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Guggenheim reissued a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. DA Davidson lifted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Stifel Nicolaus lifted their target price on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. One investment 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

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.

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