Freemont Management S.A. Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Freemont Management S.A. increased its stake in ServiceNow, Inc. by 475.0% in the first quarter, owning 4,600 shares now valued at approximately $3.66 million.
• Insider transactions include CEO William R. McDermott selling 2,050 shares for over $2 million, resulting in a 23.66% decrease in his position.
• Analysts have raised their price targets for ServiceNow, with DA Davidson setting a new target at $1,250, reflecting a positive outlook for the stock.

Freemont Management S.A. increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 475.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,600 shares of the information technology services provider's stock after acquiring an additional 3,800 shares during the period. ServiceNow comprises about 1.2% of Freemont Management S.A.'s investment portfolio, making the stock its 28th biggest position. Freemont Management S.A.'s holdings in ServiceNow were worth $3,662,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 6.8% in the fourth 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 purchasing an additional 509,467 shares in the last quarter. FMR LLC lifted its stake in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after buying an additional 272,506 shares during the last quarter. Geode Capital Management LLC increased its position in ServiceNow by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock worth $4,560,890,000 after acquiring an additional 100,670 shares during the period. GAMMA Investing LLC increased its position in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of ServiceNow by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after buying an additional 87,876 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 239 shares of the firm's stock in a transaction 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 directly owned 10,404 shares in the company, valued at $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction dated 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. Over the last 90 days, insiders sold 6,003 shares of company stock worth $6,015,106. Insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

NOW traded down $28.13 during midday trading on Friday, hitting $968.05. 1,998,443 shares of the company traded hands, compared to its average volume of 1,429,436. The company has a quick ratio of 1.12, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The firm has a market capitalization of $200.37 billion, a PE ratio of 121.92, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company's 50-day moving average is $1,000.33 and its 200 day moving average is $952.52.

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 (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.13 EPS. On average, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Evercore ISI lifted their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday. Royal Bank Of Canada increased their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Canaccord Genuity Group cut their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Stifel Nicolaus lifted their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,114.87.

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.