CCLA Investment Management Has $66.19 Million Stock Position in 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 decreased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 83,121 shares of the information technology services provider's stock after selling 4,606 shares during the period. CCLA Investment Management's holdings in ServiceNow were worth $66,191,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Bogart Wealth LLC boosted its stake in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in ServiceNow during the 1st quarter worth approximately $26,000. Quarry LP acquired a new position in ServiceNow in the 4th quarter valued at approximately $27,000. WASHINGTON TRUST Co raised its stake in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares during the last quarter. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the fourth quarter worth $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Down 3.1%

NYSE:NOW opened at $914.03 on Friday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. 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 firm's 50 day moving average is $994.89 and its 200 day moving average is $950.03. The stock has a market capitalization of $190.12 billion, a PE ratio of 115.12, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last released its 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 the consensus estimate of $3.12 billion. During the same period last year, the business posted $3.13 earnings per share. The business's revenue for the quarter was up 22.4% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Lawrence Jackson sold 757 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the transaction, the director directly owned 588 shares of the company's stock, valued at approximately $582,414. This trade represents a 56.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,990 shares of company stock worth $6,047,567 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. Stifel Nicolaus lifted their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Mizuho lifted their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Canaccord Genuity Group cut their target price on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group raised their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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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