LGT Fund Management Co Ltd. Sells 4,015 Shares of ServiceNow, Inc. $NOW

Key Points

• LGT Fund Management Co Ltd. has reduced its holdings in ServiceNow, Inc. by 61.4%, selling 4,015 shares in the second quarter, leaving them with 2,529 shares worth approximately $2.6 million.
• ServiceNow reported a strong quarterly performance with $4.09 EPS, exceeding estimates and marking a 22.4% increase in revenue year-over-year, totaling $3.22 billion.
• Several analysts have raised their price targets for ServiceNow's stock, with recommendations ranging from overweight to outperform, positioning the average price target at $1,122.20.

LGT Fund Management Co Ltd. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 61.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,529 shares of the information technology services provider's stock after selling 4,015 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in ServiceNow were worth $2,600,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in NOW. Brighton Jones LLC raised its holdings in ServiceNow by 1.1% in 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 in the last quarter. Fermata Advisors LLC raised its holdings in ServiceNow by 192.2% in the 1st quarter. Fermata Advisors LLC now owns 637 shares of the information technology services provider's stock worth $507,000 after purchasing an additional 419 shares in the last quarter. Boltwood Capital Management raised its holdings in ServiceNow by 69.1% in the 1st quarter. Boltwood Capital Management now owns 350 shares of the information technology services provider's stock worth $279,000 after purchasing an additional 143 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in ServiceNow by 15.5% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,373 shares of the information technology services provider's stock worth $1,093,000 after purchasing an additional 184 shares in the last quarter. Finally, Vest Financial LLC raised its holdings in ServiceNow by 73.4% in the 1st quarter. Vest Financial LLC now owns 2,105 shares of the information technology services provider's stock worth $1,676,000 after purchasing an additional 891 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $911.75 on Friday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company's 50-day moving average is $914.67 and its 200 day moving average is $929.33. The company has a market capitalization of $189.64 billion, a price-to-earnings ratio of 114.83, a price-to-earnings-growth ratio of 4.10 and a beta of 0.92. 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 announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company 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 firm posted $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Piper Sandler upped 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. BMO Capital Markets upped their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. UBS Group reduced their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research report on Thursday, July 24th. Finally, Raymond James Financial upped their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,122.20.

Insider Activity

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is owned by corporate insiders.

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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