Great Lakes Advisors LLC Sells 1,184 Shares of ServiceNow, Inc. $NOW

Key Points

• Great Lakes Advisors LLC reduced its stake in ServiceNow, Inc. by 28.6%, selling 1,184 shares in the first quarter, and now holds 2,950 shares valued at approximately $2.35 million.
• ServiceNow's stock has received multiple price target increases from analysts, with Wells Fargo raising their target to $1,225 and maintaining an "overweight" rating.
• Insider trading activity includes significant sales by General Counsel Russell S. Elmer and Vice Chairman Nicholas Tzitzon, both reducing their positions by over 28% and 36%, respectively.

Great Lakes Advisors LLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 28.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,950 shares of the information technology services provider's stock after selling 1,184 shares during the period. Great Lakes Advisors LLC's holdings in ServiceNow were worth $2,349,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bogart Wealth LLC raised its position in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow during the first quarter valued at approximately $26,000. Heck Capital Advisors LLC bought a new position in ServiceNow during the fourth quarter valued at approximately $37,000. WASHINGTON TRUST Co raised its position in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares in the last quarter. Finally, Dagco Inc. bought a new position in ServiceNow during the first quarter valued at approximately $33,000. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Needham & Company LLC raised their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Bank of America increased their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Wall Street Zen downgraded 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 issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 in the last ninety days. Company insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

Shares of NOW traded down $8.24 during mid-day trading on Friday, hitting $930.04. The company's stock had a trading volume of 711,066 shares, compared to its average volume of 1,527,927. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. 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 capitalization of $193.45 billion, a PE ratio of 117.13, a price-to-earnings-growth ratio of 4.18 and a beta of 0.91. The stock's 50-day moving average is $927.34 and its two-hundred day moving average is $922.34.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the business earned $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.