Candriam S.C.A. Lowers Position in ServiceNow, Inc. $NOW

Key Points

• Candriam S.C.A. has reduced its stake in ServiceNow, Inc. by 9.4%, moving to 122,944 shares and making it their 28th largest holding.
• ServiceNow recently reported a 22.4% year-over-year increase in revenue, achieving $3.22 billion in the latest quarter, outperforming analyst expectations.
• Analysts have raised ServiceNow's price targets, with Bank of America setting a new target of $1,200, while Wells Fargo has set a target of $1,225.

Candriam S.C.A. lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,944 shares of the information technology services provider's stock after selling 12,792 shares during the period. ServiceNow comprises approximately 0.6% of Candriam S.C.A.'s investment portfolio, making the stock its 28th largest holding. Candriam S.C.A. owned 0.06% of ServiceNow worth $97,881,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of NOW. Brighton Jones LLC boosted its position in ServiceNow by 1.1% in the 4th 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. TD Waterhouse Canada Inc. lifted its position in shares of ServiceNow by 81.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 15,895 shares of the information technology services provider's stock valued at $16,842,000 after buying an additional 7,146 shares in the last quarter. Anomaly Capital Management LP purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $47,059,000. Alta Advisers Ltd lifted its position in shares of ServiceNow by 13.8% during the 4th quarter. Alta Advisers Ltd now owns 683 shares of the information technology services provider's stock valued at $724,000 after buying an additional 83 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity

In related news, Director Paul Edward Chamberlain sold 300 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $860.00, for a total transaction of $258,000.00. Following the sale, the director directly owned 9,886 shares of the company's stock, valued at $8,501,960. This represents a 2.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,361 shares of company stock worth $10,579,976 over the last 90 days. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company increased their price objective 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. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. DA Davidson increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, FBN Securities raised ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. One research 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Down 0.5%

Shares of NYSE:NOW opened at $887.4020 on Wednesday. The business has a 50-day moving average price of $961.85 and a 200 day moving average price of $931.84. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $184.58 billion, a price-to-earnings ratio of 111.76, a PEG ratio of 4.02 and a beta of 0.93. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm 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 quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the company earned $3.13 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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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