Hyperion Asset Management Ltd Reduces Holdings in ServiceNow, Inc. $NOW

Key Points

• Hyperion Asset Management Ltd reduced its stake in ServiceNow by 7.1%, owning 290,293 shares after selling 22,228 shares during the second quarter.
• ServiceNow's CEO, William R. McDermott, decreased his holdings by 46.83%, selling 5,825 shares, while insiders have sold 18,976 shares worth $17,049,775 in the last quarter.
• Equities analysts maintain a generally positive outlook on ServiceNow, with 29 buy ratings and a price target increase by Mizuho and Jefferies, suggesting future growth potential in the stock.

Hyperion Asset Management Ltd trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 290,293 shares of the information technology services provider's stock after selling 22,228 shares during the quarter. ServiceNow comprises 9.3% of Hyperion Asset Management Ltd's holdings, making the stock its 3rd biggest position. Hyperion Asset Management Ltd owned about 0.14% of ServiceNow worth $298,444,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Global X Japan Co. Ltd. acquired a new position in shares of ServiceNow in the 2nd quarter worth approximately $30,000. Bogart Wealth LLC grew its stake in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow in the 1st quarter worth approximately $26,000. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter worth approximately $37,000. Finally, WASHINGTON TRUST Co grew its stake in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Mizuho lifted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Jefferies Financial Group lifted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. BMO Capital Markets lifted their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Guggenheim reissued a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. One investment 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $948.49 on Tuesday. The firm has a fifty day simple moving average of $922.33 and a 200-day simple moving average of $924.52. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The stock has a market capitalization of $197.29 billion, a price-to-earnings ratio of 119.46, a PEG ratio of 4.33 and a beta of 0.91.

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

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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