ServiceNow, Inc. (NYSE:NOW) Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its holdings in ServiceNow, Inc. by 3.6% in the first quarter, now owning approximately 1,658,667 shares valued at about $1.32 billion.
• ServiceNow reported $4.09 earnings per share for the quarter, surpassing analyst expectations of $3.57, while year-over-year revenue grew by 22.4% to $3.22 billion.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for ServiceNow, with an average price target of $1,115.20.

Invesco Ltd. decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,658,667 shares of the information technology services provider's stock after selling 62,384 shares during the period. Invesco Ltd. owned 0.80% of ServiceNow worth $1,320,531,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NOW. Quarry LP purchased a new stake in shares of ServiceNow in the fourth quarter valued at $27,000. Bogart Wealth LLC grew its position in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow in the first quarter valued at $26,000. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow in the fourth quarter valued at $37,000. Finally, WASHINGTON TRUST Co grew its position in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other news, Director Lawrence Jackson sold 757 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the transaction, the director directly owned 588 shares of the company's stock, valued at approximately $582,414. This represents a 56.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 428 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 10,891 shares of the company's stock, valued at $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,250 shares of company stock valued at $5,318,667. 0.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NOW shares. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Bank of America boosted their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. TD Securities reissued a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Finally, Mizuho boosted their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

Shares of NYSE NOW traded down $2.42 during trading on Friday, reaching $871.70. The stock had a trading volume of 1,901,339 shares, compared to its average volume of 1,665,573. The stock has a market cap of $181.31 billion, a PE ratio of 109.79, a P/E/G ratio of 3.93 and a beta of 0.93. The firm's 50 day moving average price is $982.92 and its two-hundred day moving average price is $943.49. 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.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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. The company had revenue of $3.22 billion during 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 revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.13 earnings per share. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.