Federated Hermes Inc. Sells 112,116 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Federated Hermes Inc. reduced its stake in ServiceNow by 40.2%, owning approximately $132.69 million in shares after selling over 112,000 shares in the first quarter.
• ServiceNow reported a 22.4% year-over-year increase in revenue, totaling $3.22 billion with earnings per share of $4.09, surpassing analysts' estimates.
• Several investment firms have given ServiceNow a moderate buy rating, with price targets ranging from $1,003 to $1,300, reflecting positive growth expectations.

Federated Hermes Inc. trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 40.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,668 shares of the information technology services provider's stock after selling 112,116 shares during the quarter. Federated Hermes Inc. owned 0.08% of ServiceNow worth $132,691,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in ServiceNow by 87,501.3% during the 1st 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 last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock worth $1,940,464,000 after purchasing an additional 491,861 shares during the period. Finally, Sustainable Growth Advisers LP raised its position in shares of ServiceNow by 96.7% in the 1st quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock worth $575,973,000 after buying an additional 355,629 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the sale, the insider owned 3,027 shares in the company, valued at approximately $3,087,540. This trade represents a 4.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the sale, the director owned 10,404 shares in the company, valued at approximately $10,924,200. The trade was a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,233 shares of company stock worth $5,297,758 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

ServiceNow Trading Down 1.6%

Shares of NYSE NOW traded down $16.10 during mid-day trading on Wednesday, hitting $977.10. The stock had a trading volume of 1,091,770 shares, compared to its average volume of 1,688,171. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The business has a 50 day moving average price of $998.96 and a two-hundred day moving average price of $951.86. The firm has a market cap of $203.24 billion, a P/E ratio of 123.06, a price-to-earnings-growth ratio of 4.44 and a beta of 0.94.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NOW shares. Bank of America lifted their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Scotiabank set a $1,100.00 price target on ServiceNow and gave the company an "outperform" rating in a report on Wednesday, May 7th. DA Davidson upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday. Finally, Guggenheim reiterated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.