GKV Capital Management Co. Inc. Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• GKV Capital Management Co. Inc. reduced its ownership in ServiceNow, Inc. by 79.7% in the first quarter, leaving it with 440 shares valued at $350,000.
• Major institutional investors increased their holdings significantly, with GAMMA Investing LLC's ownership rising by 87,501.3%, totaling over $2.14 billion in ServiceNow shares.
• ServiceNow reported strong quarterly earnings of $4.09 per share, exceeding estimates, alongside a 22.4% year-over-year revenue growth, totaling $3.22 billion.

GKV Capital Management Co. Inc. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 79.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 440 shares of the information technology services provider's stock after selling 1,724 shares during the period. GKV Capital Management Co. Inc.'s holdings in ServiceNow were worth $350,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Edgemoor Investment Advisors Inc. grew its holdings in shares of ServiceNow by 2.5% in the 1st 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 during the period. Integrated Investment Consultants LLC grew 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 acquiring an additional 11 shares during the period. one8zero8 LLC grew its holdings in shares of ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after acquiring an additional 11 shares during the period. Capital Investment Advisory Services LLC grew 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 acquiring an additional 12 shares during the period. Finally, Argent Trust Co grew its holdings in shares of ServiceNow by 0.4% in the 1st quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock worth $2,677,000 after acquiring an additional 12 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 1.5%

Shares of NOW traded down $12.81 during trading hours on Thursday, hitting $850.49. The stock had a trading volume of 1,784,168 shares, compared to its average volume of 1,709,971. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market cap of $176.90 billion, a P/E ratio of 107.12, a P/E/G ratio of 3.85 and a beta of 0.93. The company's fifty day simple moving average is $973.65 and its 200 day simple moving average is $939.15. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

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, topping the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business's quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the company posted $3.13 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Anita M. Sands sold 428 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director directly owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's 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 transaction, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,738 shares of company stock worth $5,713,973. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on NOW shares. DA Davidson upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an "outperform" rating in a report on Wednesday, May 7th. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Finally, BMO Capital Markets increased their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Company 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.