Community Financial Services Group LLC Sells 45,229 Shares of ServiceNow, Inc. $NOW

Key Points

• Community Financial Services Group LLC cut its ServiceNow stake by 98% in the second quarter, selling 45,229 shares and retaining 945 shares valued at approximately $100,000.
• ServiceNow reported quarterly revenue of $3.99 billion and EPS of $0.90, beating analyst estimates, while revenue rose 24% year over year. The stock opened at $127.51, with a consensus analyst rating of “Moderate Buy” and an average price target of $143.39.
• Institutional investors own 87.18% of ServiceNow, while insiders own 0.34%; insiders sold nearly 19,000 shares worth about $1.72 million over the past 90 days.

Community Financial Services Group LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 98.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 945 shares of the information technology services provider's stock after selling 45,229 shares during the quarter. Community Financial Services Group LLC's holdings in ServiceNow were worth $100,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Millstone Evans Group LLC increased its holdings in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 132 shares during the period. CBIZ Investment Advisory Services LLC lifted its holdings in ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock worth $25,000 after buying an additional 135 shares during the period. Blueline Advisors LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at about $25,000. Measured Wealth Private Client Group LLC grew its position in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after buying an additional 140 shares during the last quarter. Finally, Wealth Watch Advisors INC increased its stake in shares of ServiceNow by 432.3% in the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock valued at $25,000 after buying an additional 134 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NYSE:NOW opened at $127.51 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $194.73. The company has a fifty day moving average of $106.56 and a 200-day moving average of $105.74. The firm has a market capitalization of $131.85 billion, a P/E ratio of 79.69, a P/E/G ratio of 2.24 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. ServiceNow's revenue was up 24.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current year.

Insider Activity

In other news, insider Paul Fipps sold 1,048 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares of the company's stock, valued at $1,189,212.72. This represents a 7.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anita M. Sands sold 16,445 shares of the firm's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the sale, the director owned 30,090 shares of the company's stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 18,993 shares of company stock worth $1,716,436. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. BMO Capital Markets raised their price objective on ServiceNow from $115.00 to $118.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Guggenheim raised shares of ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 target price for the company in a research report on Wednesday, July 1st. Royal Bank Of Canada restated an "outperform" rating and issued a $130.00 price target on shares of ServiceNow in a research report on Thursday, July 23rd. UBS Group set a $248.00 price objective on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, Canaccord Genuity Group lowered their target price on shares of ServiceNow from $200.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $143.39.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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