Davidson Capital Management Inc. Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Davidson Capital Management Inc. reduced its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 23.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,965 shares of the information technology services provider's stock after selling 898 shares during the period. Davidson Capital Management Inc.'s holdings in ServiceNow were worth $2,361,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares during the period. Norges Bank acquired a new position in ServiceNow during the 4th quarter valued at about $2,603,360,000. Proficio Capital Partners LLC boosted its stake in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in ServiceNow in the fourth quarter valued at about $682,468,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on NOW shares. Morgan Stanley lifted their price objective on shares of ServiceNow from $881.00 to $950.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. Bank of America decreased their target price on ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. BMO Capital Markets increased their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Canaccord Genuity Group lowered their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Citigroup raised their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

ServiceNow Stock Down 2.4%

ServiceNow stock traded down $24.62 during mid-day trading on Thursday, reaching $980.29. The stock had a trading volume of 1,208,405 shares, compared to its average volume of 1,481,461. The firm has a market capitalization of $202.90 billion, a PE ratio of 133.19, a price-to-earnings-growth ratio of 4.63 and a beta of 0.95. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock's 50-day simple moving average is $956.82 and its 200-day simple moving average is $972.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the prior year, the company posted $3.41 earnings per share. The business's revenue was up 18.6% on a year-over-year basis. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $67,518.00. Following the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $3,096,621. The trade was a 2.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by insiders.

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.