KG&L Capital Management LLC Sells 745 Shares of ServiceNow, Inc. $NOW

Key Points

• KG&L Capital Management LLC sold 745 shares of ServiceNow, reducing its holdings by 65.5%, now owning 393 shares worth $404,000.
• ServiceNow reported $4.09 EPS for the last quarter, exceeding analysts' predictions of $3.57, with revenue of $3.22 billion.
• Analysts have recently upgraded ServiceNow's stock ratings, with the consensus target price set at $1,122.20, indicating strong investor confidence in the company's growth prospects.

KG&L Capital Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 65.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 393 shares of the information technology services provider's stock after selling 745 shares during the quarter. KG&L Capital Management LLC's holdings in ServiceNow were worth $404,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NOW. Brighton Jones LLC increased its position in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares during the last quarter. Versant Capital Management Inc increased its holdings in ServiceNow by 66.5% during the first quarter. Versant Capital Management Inc now owns 268 shares of the information technology services provider's stock worth $213,000 after buying an additional 107 shares during the last quarter. AdvisorNet Financial Inc raised its position in ServiceNow by 20.9% during the first quarter. AdvisorNet Financial Inc now owns 156 shares of the information technology services provider's stock worth $124,000 after acquiring an additional 27 shares in the last quarter. Rothschild Investment LLC lifted its stake in ServiceNow by 43.7% in the first quarter. Rothschild Investment LLC now owns 500 shares of the information technology services provider's stock valued at $398,000 after acquiring an additional 152 shares during the last quarter. Finally, BTC Capital Management Inc. lifted its stake in ServiceNow by 32.9% in the first quarter. BTC Capital Management Inc. now owns 1,312 shares of the information technology services provider's stock valued at $1,045,000 after acquiring an additional 325 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

NYSE:NOW opened at $936.76 on Monday. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. 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 firm's 50-day simple moving average is $919.74 and its 200 day simple moving average is $927.82. The firm has a market cap of $194.85 billion, a price-to-earnings ratio of 117.98, a P/E/G ratio of 4.22 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. The business's revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of ServiceNow from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Barclays set a $1,210.00 price target on ServiceNow in a research report on Thursday, July 24th. Mizuho raised their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. BMO Capital Markets lifted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Needham & Company LLC boosted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.