LGT Fund Management Co Ltd. Sells 5,693 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• LGT Fund Management Co Ltd. has reduced its holdings in ServiceNow, Inc. by 46.5%, now owning 6,544 shares worth approximately $5.21 million after selling 5,693 shares in Q1.
• ServiceNow reported earnings of $4.09 per share for the latest quarter, surpassing estimates and showing a year-over-year revenue increase of 22.4%.
• Analysts are divided on ServiceNow's outlook, with a consensus price target of $1,115.20; major ratings include a "strong-buy" from FBN Securities and a reduced price target from JPMorgan Chase & Co.

LGT Fund Management Co Ltd. lowered its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 46.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,544 shares of the information technology services provider's stock after selling 5,693 shares during the period. LGT Fund Management Co Ltd.'s holdings in ServiceNow were worth $5,210,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in ServiceNow by 15.9% during the 1st quarter. Russell Investments Group Ltd. now owns 369,977 shares of the information technology services provider's stock worth $294,624,000 after acquiring an additional 50,821 shares during the period. Prudential PLC increased its stake in ServiceNow by 16.7% during the 1st quarter. Prudential PLC now owns 40,657 shares of the information technology services provider's stock worth $32,369,000 after acquiring an additional 5,815 shares during the period. Resona Asset Management Co. Ltd. increased its stake in ServiceNow by 17.6% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 125,317 shares of the information technology services provider's stock worth $99,816,000 after acquiring an additional 18,736 shares during the period. Rathbones Group PLC increased its stake in ServiceNow by 6.3% during the 1st quarter. Rathbones Group PLC now owns 142,600 shares of the information technology services provider's stock worth $113,530,000 after acquiring an additional 8,471 shares during the period. Finally, Westpac Banking Corp increased its stake in ServiceNow by 55.5% during the 1st quarter. Westpac Banking Corp now owns 3,629 shares of the information technology services provider's stock worth $2,889,000 after acquiring an additional 1,295 shares during the period. Institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the transaction, the director directly owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the transaction, the director directly 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 5,738 shares of company stock worth $5,713,973. Corporate insiders own 0.38% of the company's stock.

ServiceNow Trading Down 1.5%

NOW traded down $12.81 during midday trading on Thursday, hitting $850.49. 1,783,975 shares of the company were exchanged, compared to its average volume of 1,709,074. The firm has a market capitalization of $176.90 billion, a P/E ratio of 107.12, a P/E/G ratio of 3.85 and a beta of 0.93. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The firm's 50 day moving average price is $973.65 and its 200-day moving average price is $939.15. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. JPMorgan Chase & Co. lowered their price objective on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Wells Fargo & Company raised their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Finally, Mizuho raised their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus 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.