Fred Alger Management LLC Sells 69,915 Shares of ServiceNow, Inc. $NOW

Key Points

• Fred Alger Management LLC reduced its holdings in ServiceNow, Inc. by 74.6%, selling 69,915 shares during the first quarter, leaving them with 23,824 shares valued at approximately $18.97 million.
• Insider transactions included sales by both the Director and CEO, with the Director selling 1,097 shares and the CEO selling 5,825 shares, resulting in significant decreases in their respective positions.
• ServiceNow's stock has a current average price target of $1,115.20, with various analysts providing mixed ratings including one 'Strong Buy' and one 'Sell' recommendation.

Fred Alger Management LLC reduced its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 74.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,824 shares of the information technology services provider's stock after selling 69,915 shares during the quarter. Fred Alger Management LLC's holdings in ServiceNow were worth $18,967,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NOW. Bogart Wealth LLC increased its stake in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow in the 1st quarter worth about $26,000. WASHINGTON TRUST Co increased 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 acquiring an additional 31 shares during the last quarter. Dagco Inc. bought a new position in ServiceNow in the 1st quarter worth about $33,000. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow in the 4th quarter worth about $37,000. 87.18% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares in the company, valued at approximately $8,516,928.77. This trade represents a 10.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,976 shares of company stock worth $17,049,775. Insiders own 0.38% of the company's stock.

ServiceNow Trading Down 0.5%

NOW stock traded down $4.87 during trading on Tuesday, hitting $934.46. 1,195,902 shares of the company traded hands, compared to its average volume of 1,734,947. The firm has a market capitalization of $194.37 billion, a PE ratio of 117.69, a P/E/G ratio of 4.24 and a beta of 0.91. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a 50-day moving average of $933.46 and a 200-day moving average of $922.29. 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 (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.13 EPS. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NOW has been the topic of a number of research analyst reports. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Mizuho upped their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Barclays set a $1,210.00 price objective on ServiceNow in a report on Thursday, July 24th. BMO Capital Markets upped their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Finally, Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Profile

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.