Harvest Portfolios Group Inc. Reduces Position in ServiceNow, Inc. $NOW

Key Points

• Harvest Portfolios Group Inc. reduced its holdings in ServiceNow, Inc. by 11.2%, now owning 20,821 shares worth approximately $16.58 million.
• Multiple hedge funds have modified their positions in ServiceNow, with Quarry LP and others making new investments in the company.
• ServiceNow reported earnings per share of $4.09 for the last quarter, outperforming analyst expectations of $3.57, and had quarterly revenue of $3.22 billion, marking a 22.4% increase year-over-year.

Harvest Portfolios Group Inc. cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,821 shares of the information technology services provider's stock after selling 2,631 shares during the period. Harvest Portfolios Group Inc.'s holdings in ServiceNow were worth $16,576,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP purchased a new position in shares of ServiceNow during the fourth quarter worth approximately $27,000. Bogart Wealth LLC lifted its position in ServiceNow by 113.3% during 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 period. Graybill Wealth Management LTD. acquired a new stake in ServiceNow during the 1st quarter worth approximately $26,000. Heck Capital Advisors LLC acquired a new stake in ServiceNow during the 4th quarter worth approximately $37,000. Finally, WASHINGTON TRUST Co lifted its position in ServiceNow by 620.0% during 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 period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on NOW. UBS Group reduced their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Stifel Nicolaus raised their price objective on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada raised their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Citigroup raised their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Price Performance

NOW stock opened at $880.2720 on Tuesday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock's fifty day simple moving average is $952.50 and its 200-day simple moving average is $927.48. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $183.10 billion, a price-to-earnings ratio of 110.87, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.13 earnings per share. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,668 shares of company stock valued at $14,373,737. Insiders own 0.38% of the company's stock.

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.

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