Connor Clark & Lunn Investment Management Ltd. Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in ServiceNow, Inc. by 5.0%, holding 11,288 shares valued at approximately $8.99 million after selling 600 shares in the first quarter.
• Goldman Sachs Group Inc. significantly increased its stake in ServiceNow by 131.4%, now owning over 1.48 million shares valued at around $1.18 billion.
• ServiceNow's recent earnings report showed an EPS of $4.09, exceeding analysts' expectations of $3.57, with a revenue of $3.22 billion, marking a 22.4% year-over-year growth.

Connor Clark & Lunn Investment Management Ltd. cut its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,288 shares of the information technology services provider's stock after selling 600 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in ServiceNow were worth $8,987,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. Janus Henderson Group PLC boosted its position in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after buying an additional 12,533 shares during the period. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow during the first quarter valued at about $1,820,000. ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow during the first quarter valued at about $19,278,000. Nicholas Investment Partners LP boosted its position in ServiceNow by 223.5% during the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after buying an additional 1,938 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after buying an additional 840,731 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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 sale, the director owned 588 shares in the company, valued at approximately $582,414. This trade represents a 56.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,587 shares of company stock valued at $5,584,027. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW opened at $855.95 on Tuesday. The company has a 50 day simple moving average of $979.82 and a two-hundred day simple moving average of $940.29. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $178.04 billion, a price-to-earnings ratio of 107.80, a P/E/G ratio of 3.93 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the company posted $3.13 earnings per share. The business's revenue for the quarter was up 22.4% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Piper Sandler increased their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Evercore ISI increased their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Finally, Raymond James Financial increased their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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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