First American Trust FSB Sells 2,211 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• First American Trust FSB reduced its stake in ServiceNow, Inc. by 24.0%, selling 2,211 shares and leaving it with 7,012 shares worth approximately $5.58 million.
• ServiceNow reported earnings of $4.09 per share for the most recent quarter, exceeding the consensus estimate by $0.52 and reflecting a 22.4% year-over-year revenue increase.
• Institutional investors hold a significant 87.18% of ServiceNow's stock, with several hedge funds either increasing their positions or entering new investments in the first quarter.

First American Trust FSB lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 7,012 shares of the information technology services provider's stock after selling 2,211 shares during the period. First American Trust FSB's holdings in ServiceNow were worth $5,582,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of NOW. Bogart Wealth LLC grew its position in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the 1st quarter worth approximately $26,000. Quarry LP bought a new position in ServiceNow in the 4th quarter worth approximately $27,000. WASHINGTON TRUST Co boosted its stake in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the period. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow in the 4th quarter worth approximately $37,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 0.3%

Shares of NOW stock opened at $871.70 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock's 50 day simple moving average is $982.92 and its two-hundred day simple moving average is $943.49. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a market cap of $181.31 billion, a PE ratio of 109.79, a price-to-earnings-growth ratio of 3.93 and a beta of 0.93.

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

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the 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 value of $1,194,420.00. Following the sale, the insider directly owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 239 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,250 shares of company stock valued at $5,318,667. Company insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on NOW shares. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Raymond James Financial upped their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and upped their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.