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 lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,058 shares of the information technology services provider's stock after selling 15,647 shares during the quarter. J. Safra Sarasin Holding AG's holdings in ServiceNow were worth $30,299,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in NOW. Aviso Wealth Management raised its position in shares of ServiceNow by 229.5% during the 1st quarter. Aviso Wealth Management now owns 893 shares of the information technology services provider's stock worth $711,000 after purchasing an additional 622 shares during the last quarter. Pathway Financial Advisers LLC raised its holdings in shares of ServiceNow by 3.9% in the first quarter. Pathway Financial Advisers LLC now owns 619 shares of the information technology services provider's stock worth $493,000 after acquiring an additional 23 shares during the last quarter. R Squared Ltd grew its holdings in shares of ServiceNow by 4,400.0% during the first quarter. R Squared Ltd now owns 900 shares of the information technology services provider's stock worth $717,000 after buying an additional 880 shares in the last quarter. Banco Santander S.A. boosted its holdings in shares of ServiceNow by 56.1% during the first quarter. Banco Santander S.A. now owns 49,098 shares of the information technology services provider's stock worth $39,089,000 after purchasing an additional 17,649 shares during the last quarter. Finally, Andar Capital Management HK Ltd acquired a new stake in shares of ServiceNow in the first quarter worth approximately $4,777,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 428 shares of the company's 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 owned 10,891 shares of the company's stock, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction dated 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 $582,414. This trade represents a 56.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,990 shares of company stock worth $6,047,567 over the last quarter. 0.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on NOW shares. DA Davidson raised their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Guggenheim restated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Mizuho lifted their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Barclays set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Piper Sandler lifted their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Trading Up 0.7%

NOW traded up $5.95 during trading on Wednesday, reaching $911.07. The company had a trading volume of 1,067,095 shares, compared to its average volume of 1,683,416. The firm's 50-day simple moving average is $990.76 and its 200 day simple moving average is $947.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $189.50 billion, a price-to-earnings ratio of 114.74, a PEG ratio of 4.16 and a beta of 0.93. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for 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%. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.13 earnings per share. Equities research analysts anticipate 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.