Jackson Square Partners LLC Sells 277 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Jackson Square Partners LLC reduced its stake in ServiceNow, Inc. by 4.2%, selling 277 shares for a total value of approximately $5,086,000.
• Other hedge funds significantly increased their positions in ServiceNow, with GAMMA Investing LLC boosting its stake by over 87,500% to own shares worth over $2 billion.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding expectations, and had a revenue of $3.22 billion, a growth of 22.4% compared to the previous year.

Jackson Square Partners LLC trimmed its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,388 shares of the information technology services provider's stock after selling 277 shares during the period. Jackson Square Partners LLC's holdings in ServiceNow were worth $5,086,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake 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 valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted 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 valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of 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. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in ServiceNow by 36.7% during the fourth 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 valued at $1,940,464,000 after purchasing an additional 491,861 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Lawrence Jackson sold 757 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the transaction, the director owned 588 shares of the company's stock, valued at approximately $582,414. This trade represents a 56.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,250 shares of company stock worth $5,318,667. Insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

NYSE:NOW opened at $911.07 on Thursday. The firm has a market capitalization of $189.50 billion, a price-to-earnings ratio of 114.74, a PEG ratio of 4.08 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company's 50-day moving average is $988.58 and its two-hundred day moving average is $947.68. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results 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. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations 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 last year, the firm earned $3.13 earnings per share. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NOW shares. TD Securities restated a "buy" rating and issued a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. Guggenheim reiterated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Finally, Evercore ISI raised their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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