J. Safra Sarasin Holding AG Sells 15,647 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• J. Safra Sarasin Holding AG reduced its stake in ServiceNow, Inc. by 29.1%, selling 15,647 shares during the first quarter, leaving it with 38,058 shares valued at approximately $30.3 million.
• CEO William R. McDermott sold 2,050 shares for over $2 million, decreasing his ownership by 23.66%, while other insiders collectively sold around 5,990 shares recently.
• Despite a significant drop in price targets from various analysts, the consensus rating for ServiceNow remains a "Moderate Buy," with an average target price of approximately $1,115.20.

J. Safra Sarasin Holding AG cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,058 shares of the information technology services provider's stock after selling 15,647 shares during the period. J. Safra Sarasin Holding AG's holdings in ServiceNow were worth $30,299,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of NOW. GAMMA Investing LLC lifted its holdings 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 in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock worth $1,940,464,000 after purchasing an additional 491,861 shares during the last quarter. Finally, Sustainable Growth Advisers LP raised its position in shares of ServiceNow by 96.7% in the 1st quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock worth $575,973,000 after acquiring an additional 355,629 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anita M. Sands sold 239 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the transaction, the director directly owned 10,404 shares in the company, valued at approximately $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,990 shares of company stock valued at $6,047,567 over the last quarter. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NOW opened at $914.03 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a 50 day moving average of $994.89 and a two-hundred day moving average of $950.76. The company has a market cap of $190.12 billion, a P/E ratio of 115.12, a P/E/G ratio of 4.25 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm earned $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NOW. TD Securities reiterated a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Robert W. Baird boosted their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Canaccord Genuity Group cut their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

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.

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