DRW Securities LLC Cuts Stake in ServiceNow, Inc. $NOW

Key Points

• DRW Securities LLC significantly reduced its stake in ServiceNow by 90.3%, owning only 1,466 shares valued at approximately $1.17 million after selling 13,587 shares.
• Several institutional investors, including Ameriprise Financial, increased their positions in ServiceNow, indicating strong institutional support with 87.18% of the stock owned by these investors.
• ServiceNow reported $4.09 EPS for the last quarter, exceeding analysts' expectations and showing a 22.4% year-over-year revenue growth, reflecting its strong performance in the tech sector.

DRW Securities LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 90.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,466 shares of the information technology services provider's stock after selling 13,587 shares during the period. DRW Securities LLC's holdings in ServiceNow were worth $1,167,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOW. GAMMA Investing LLC raised its holdings in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. Nuveen LLC purchased a new position in shares of ServiceNow during the first quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of 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 worth $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Finally, Parnassus Investments LLC purchased a new position in shares of ServiceNow during the first quarter worth $519,806,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent research reports. Oppenheimer reissued an "outperform" rating and set a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Stifel Nicolaus raised their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Raymond James Financial raised 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. Guggenheim reaffirmed a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Finally, Royal Bank Of Canada lifted their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Trading Up 0.9%

NYSE:NOW traded up $8.58 on Wednesday, hitting $920.00. The stock had a trading volume of 1,313,963 shares, compared to its average volume of 1,714,221. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $191.36 billion, a price-to-earnings ratio of 115.87, a PEG ratio of 4.14 and a beta of 0.91. The company has a fifty day moving average price of $943.00 and a two-hundred day moving average price of $924.15. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year 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 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $3.12 billion. During the same period in the prior year, the business posted $3.13 EPS. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. Equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.