ServiceNow, Inc. (NYSE:NOW) Shares Sold by Jupiter Asset Management Ltd.

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. trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of ServiceNow by 87,501.3% in the 1st 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 buying an additional 2,686,291 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of ServiceNow by 1,586.5% in 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 buying an additional 877,875 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of ServiceNow by 36.7% in 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 valued at $1,940,464,000 after buying an additional 491,861 shares during the period. Finally, Sustainable Growth Advisers LP boosted its stake 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 valued at $575,973,000 after buying an additional 355,629 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the sale, 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 sold a total of 5,990 shares of company stock valued at $6,047,567 in the last three months. Company insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.8%

NYSE NOW traded up $7.65 during trading hours on Monday, hitting $922.02. 1,285,082 shares of the company's stock were exchanged, compared to its average volume of 1,623,128. The business's 50 day moving average is $994.89 and its 200-day moving average is $949.28. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm has a market capitalization of $191.78 billion, a P/E ratio of 116.12, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the business posted $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on NOW shares. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Evercore ISI boosted their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. TD Securities restated a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, ServiceNow currently has a consensus 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.