E Fund Management Co. Ltd. Sells 2,527 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• E Fund Management Co. Ltd. reduced its holdings in ServiceNow by 23.8%, selling 2,527 shares, and now owns 8,091 shares valued at about $6.44 million.
• ServiceNow's latest earnings report showed a quarterly revenue of $3.22 billion, surpassing estimates and reflecting a year-over-year growth of 22.4%.
• Wall Street analysts have a generally positive outlook on ServiceNow, with many boosting price targets and maintaining a consensus rating of "Moderate Buy."

E Fund Management Co. Ltd. decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 23.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,091 shares of the information technology services provider's stock after selling 2,527 shares during the period. E Fund Management Co. Ltd.'s holdings in ServiceNow were worth $6,442,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of ServiceNow by 5.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,366 shares of the information technology services provider's stock valued at $5,068,000 after purchasing an additional 346 shares during the period. S Bank Fund Management Ltd acquired a new position in shares of ServiceNow during the first quarter valued at about $2,923,000. National Pension Service raised its holdings in shares of ServiceNow by 5.0% during the first quarter. National Pension Service now owns 403,014 shares of the information technology services provider's stock valued at $320,856,000 after purchasing an additional 19,046 shares during the period. Klingman & Associates LLC raised its holdings in shares of ServiceNow by 9.8% during the first quarter. Klingman & Associates LLC now owns 436 shares of the information technology services provider's stock valued at $347,000 after purchasing an additional 39 shares during the period. Finally, Dagco Inc. acquired a new position in shares of ServiceNow during the first quarter valued at about $33,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NOW. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and upped their target price for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. UBS Group lowered 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. Citigroup upped their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Guggenheim restated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. Finally, Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 292 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $878.39, for a total value of $256,489.88. Following the completion of the transaction, the chief financial officer directly owned 11,551 shares of the company's stock, valued at approximately $10,146,282.89. This trade represents a 2.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director directly owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,738 shares of company stock worth $5,713,973 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $12.81 on Thursday, reaching $850.49. 1,784,168 shares of the company traded hands, compared to its average volume of 1,834,557. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a 50 day moving average of $970.30 and a 200 day moving average of $937.15. The firm has a market capitalization of $176.90 billion, a PE ratio of 107.12, a PEG ratio of 3.89 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm earned $3.13 EPS. The company's revenue was up 22.4% compared to the same quarter last year. Equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.