CCLA Investment Management Sells 4,606 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• CCLA Investment Management has reduced its stake in ServiceNow, Inc. by 5.3%, holding 83,121 shares valued at approximately $66.19 million as of the latest SEC filing.
• ServiceNow's recent earnings report revealed a 22.4% year-over-year revenue increase to $3.22 billion and an EPS of $4.09, exceeding analyst expectations.
• Analyst ratings for ServiceNow are predominantly positive, with a consensus rating of "Moderate Buy" and a price target of $1,115.20, indicating significant investor confidence.

CCLA Investment Management trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,121 shares of the information technology services provider's stock after selling 4,606 shares during the quarter. CCLA Investment Management's holdings in ServiceNow were worth $66,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of NOW. Quantum Financial Planning Services Inc. raised its holdings in ServiceNow by 34.0% during the 1st quarter. Quantum Financial Planning Services Inc. now owns 335 shares of the information technology services provider's stock valued at $267,000 after buying an additional 85 shares during the last quarter. Beta Wealth Group Inc. raised its stake in shares of ServiceNow by 4.0% during the first quarter. Beta Wealth Group Inc. now owns 2,568 shares of the information technology services provider's stock valued at $2,044,000 after acquiring an additional 99 shares during the last quarter. Aviso Wealth Management boosted its holdings in shares of ServiceNow by 229.5% during the first quarter. Aviso Wealth Management now owns 893 shares of the information technology services provider's stock worth $711,000 after purchasing an additional 622 shares during the period. Pathway Financial Advisers LLC grew its stake in shares of ServiceNow by 3.9% in the first quarter. Pathway Financial Advisers LLC now owns 619 shares of the information technology services provider's stock worth $493,000 after purchasing an additional 23 shares during the last quarter. Finally, R Squared Ltd grew its stake in shares of ServiceNow by 4,400.0% in the first quarter. R Squared Ltd now owns 900 shares of the information technology services provider's stock worth $717,000 after purchasing an additional 880 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $34.22 during mid-day trading on Thursday, reaching $878.09. 756,173 shares of the company traded hands, compared to its average volume of 1,676,331. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The firm has a market cap of $182.64 billion, a PE ratio of 111.00, a PEG ratio of 4.08 and a beta of 0.93. The company's 50 day moving average price is $988.58 and its 200-day moving average price is $947.68. 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 (NYSE:NOW - Get Free Report) last issued its quarterly earnings results 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the transaction, the director directly owned 588 shares of the company's stock, valued at $582,414. This trade represents a 56.28% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,250 shares of company stock valued at $5,318,667. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NOW shares. Evercore ISI boosted their target price on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Stifel Nicolaus raised their price objective on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Raymond James Financial lifted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, TD Securities reaffirmed a "buy" rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.