Harold Davidson & Associates Inc. Cuts Holdings in ServiceNow, Inc. $NOW

Key Points

• Harold Davidson & Associates Inc. reduced its holdings in ServiceNow, Inc. by 22.9%, now owning 1,282 shares valued at approximately $1,021,000 as of the latest SEC filing.
• Institutional investors now own 87.18% of ServiceNow's stock, with significant increases in positions from firms like GAMMA Investing LLC and Nuveen LLC during the first quarter.
• ServiceNow's recent quarterly earnings exceeded analysts' expectations, reporting earnings per share of $4.09 and revenue of $3.22 billion, contributing to a predicted annual earnings per share of 8.93.

Harold Davidson & Associates Inc. trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 22.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,282 shares of the information technology services provider's stock after selling 380 shares during the quarter. Harold Davidson & Associates Inc.'s holdings in ServiceNow were worth $1,021,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in NOW. GAMMA Investing LLC lifted its stake in shares of 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 buying an additional 2,686,291 shares during the period. Nuveen LLC acquired a new position in ServiceNow during the first quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares during the period. Goldman Sachs Group Inc. lifted its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the period. Finally, Parnassus Investments LLC acquired a new position in ServiceNow during the first quarter valued at $519,806,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. This represents a 46.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. Company insiders own 0.38% of the company's stock.

ServiceNow Trading Up 1.8%

Shares of ServiceNow stock opened at $940.23 on Friday. The firm has a 50-day simple moving average of $929.66 and a two-hundred day simple moving average of $922.41. The company has a market cap of $195.57 billion, a P/E ratio of 118.42, a price-to-earnings-growth ratio of 4.17 and a beta of 0.91. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week 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.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.13 earnings per share. As a group, equities 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 subject of a number of research reports. Raymond James Financial boosted their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Bank of America boosted their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. UBS Group decreased their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Citigroup boosted their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.

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