Jupiter Asset Management Ltd. Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Jupiter Asset Management Ltd. has reduced its stake in ServiceNow, Inc. by 15.1%, now holding 63,554 shares valued at approximately $50.6 million.
• Several institutional investors increased their holdings in ServiceNow, with WASHINGTON TRUST Co. growing its stake by 620% in the first quarter.
• ServiceNow's stock has received multiple analyst upgrades, with price targets ranging from $1,000 to $1,200, reflecting a consensus rating of "Moderate Buy".

Jupiter Asset Management Ltd. lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,554 shares of the information technology services provider's stock after selling 11,327 shares during the quarter. Jupiter Asset Management Ltd.'s holdings in ServiceNow were worth $50,598,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NOW. Janus Henderson Group PLC grew its position in ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares during the period. FMR LLC grew its position in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the period. Parr Mcknight Wealth Management Group LLC acquired a new stake in ServiceNow in the 1st quarter valued at $1,820,000. Nicholas Investment Partners LP grew its position in ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after purchasing an additional 1,938 shares during the period. Finally, Eastern Bank grew its position in ServiceNow by 0.9% in the 1st quarter. Eastern Bank now owns 54,771 shares of the information technology services provider's stock valued at $43,605,000 after purchasing an additional 511 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 0.7%

Shares of NYSE:NOW traded up $5.95 on Wednesday, hitting $911.07. 1,067,095 shares of the company traded hands, compared to its average volume of 1,683,416. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $990.76 and a 200-day simple moving average of $947.93. The company has a market cap of $189.50 billion, a PE ratio of 114.74, a PEG ratio of 4.16 and a beta of 0.93.

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 the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the company earned $3.13 earnings per share. The company's revenue was up 22.4% on a year-over-year basis. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In related news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Gina Mastantuono sold 292 shares of the stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $287,620.00. Following the sale, the chief financial officer directly owned 11,198 shares in the company, valued at $11,030,030. This trade represents a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,990 shares of company stock valued at $6,047,567. 0.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NOW shares. Jefferies Financial Group lifted their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Piper Sandler lifted their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Citigroup lifted their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Sanford C. Bernstein reiterated an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and lifted their target price for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One research 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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.