Coastline Trust Co Trims Position in ServiceNow, Inc. $NOW

Key Points

• Coastline Trust Co reduced its position in ServiceNow, Inc. by 17.9% during the second quarter, owning 1,971 shares valued at approximately $2,026,000 after selling 429 shares.
• Multiple institutional investors have altered their holdings in ServiceNow, with 87.18% of the stock now owned by hedge funds and other institutional investors, highlighting notable increases from firms like Bogart Wealth LLC and WASHINGTON TRUST Co.
• ServiceNow reported earnings of $4.09 per share for the last quarter, surpassing estimates and demonstrating a 22.4% year-over-year revenue growth.

Coastline Trust Co lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,971 shares of the information technology services provider's stock after selling 429 shares during the quarter. Coastline Trust Co's holdings in ServiceNow were worth $2,026,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in NOW. Bogart Wealth LLC increased its holdings in ServiceNow by 113.3% in the 1st 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. acquired a new stake in shares of ServiceNow during the first quarter valued at about $26,000. WASHINGTON TRUST Co grew its stake in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Global X Japan Co. Ltd. acquired a new position in ServiceNow in the second quarter worth about $30,000. Finally, Dagco Inc. acquired a new position in ServiceNow in the first quarter worth about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anita M. Sands sold 1,097 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the sale, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. The trade was a 10.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 over the last 90 days. Corporate insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NOW. Mizuho raised their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. UBS Group cut their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Finally, Bank of America raised their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $936.76 on Friday. 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 stock has a 50 day simple moving average of $919.74 and a 200-day simple moving average of $926.99. The company has a market cap of $194.85 billion, a PE ratio of 117.98, a P/E/G ratio of 4.22 and a beta of 0.91. 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 the consensus estimate 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 business's revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.13 earnings per share. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.

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