FourThought Financial Partners LLC Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• FourThought Financial Partners LLC reduced its stake in ServiceNow by 14.7%, retaining 7,347 shares worth approximately $5.85 million.
• ServiceNow's stock has received mixed ratings from analysts, with 29 buy ratings and a current consensus rating of "Moderate Buy", as well as a price target range between $1,100.00 and $1,250.00.
• Insider trading reports indicate that ServiceNow executives, including Director Anita M. Sands and CFO Gina Mastantuono, have sold shares recently, totaling over $6 million in stock sales in the past three months.

FourThought Financial Partners LLC lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 14.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,347 shares of the information technology services provider's stock after selling 1,265 shares during the quarter. FourThought Financial Partners LLC's holdings in ServiceNow were worth $5,849,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Edgemoor Investment Advisors Inc. raised its position in ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after acquiring an additional 11 shares in the last quarter. Integrated Investment Consultants LLC raised its holdings in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares during the period. Capital Investment Advisory Services LLC raised its holdings in shares of ServiceNow by 2.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after purchasing an additional 12 shares during the period. Kesler Norman & Wride LLC raised its holdings in shares of ServiceNow by 1.2% during the 4th quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock valued at $1,157,000 after buying an additional 13 shares during the period. Finally, Sepio Capital LP grew its stake in ServiceNow by 3.8% during the 4th quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after purchasing an additional 13 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the sale, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,233 shares of company stock valued at $5,297,758 in the last quarter. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Canaccord Genuity Group reduced their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Piper Sandler boosted their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Robert W. Baird boosted their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. cut their price objective on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. One investment 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Down 1.0%

Shares of NOW traded down $10.30 during midday trading on Wednesday, hitting $982.91. The stock had a trading volume of 437,997 shares, compared to its average volume of 1,683,306. The firm has a market cap of $204.44 billion, a price-to-earnings ratio of 123.83, a price-to-earnings-growth ratio of 4.44 and a beta of 0.94. The company has a 50 day simple moving average of $998.96 and a two-hundred day simple moving average of $951.86. 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, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly 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 return on equity of 18.04% and a net margin of 13.78%. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the business earned $3.13 EPS. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS 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.