Lmcg Investments LLC Cuts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Lmcg Investments LLC reduced its stake in ServiceNow, Inc. by 4.1%, selling 656 shares during the second quarter, bringing its total to 15,176 shares valued at approximately $15.6 million.
• ServiceNow's stock has a one-year low of $678.66 and a high of $1,198.09, with a current market cap of $184.84 billion and a price-to-earnings ratio of 111.92.
• Several analysts have recently upgraded their ratings on ServiceNow, with targets ranging from $724.00 to $1,250.00, reflecting a general sentiment of a Moderate Buy on the stock.

Lmcg Investments LLC lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,176 shares of the information technology services provider's stock after selling 656 shares during the period. ServiceNow makes up about 1.0% of Lmcg Investments LLC's portfolio, making the stock its 26th largest position. Lmcg Investments LLC's holdings in ServiceNow were worth $15,602,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. Brighton Jones LLC grew its position in shares of 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 buying an additional 30 shares during the last quarter. GAMMA Investing LLC grew its position in ServiceNow by 10.0% during the 1st quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock worth $2,689,000 after purchasing an additional 308 shares during the last quarter. CX Institutional grew its position in ServiceNow by 5.8% during the 1st quarter. CX Institutional now owns 1,149 shares of the information technology services provider's stock worth $915,000 after purchasing an additional 63 shares during the last quarter. Simon Quick Advisors LLC grew its position in ServiceNow by 18.0% during the 1st quarter. Simon Quick Advisors LLC now owns 1,504 shares of the information technology services provider's stock worth $1,197,000 after purchasing an additional 229 shares during the last quarter. Finally, Thomasville National Bank grew its position in ServiceNow by 3.0% during the 1st quarter. Thomasville National Bank now owns 15,952 shares of the information technology services provider's stock worth $12,700,000 after purchasing an additional 472 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

NYSE:NOW opened at $888.63 on Friday. ServiceNow, Inc. has a one year low of $678.66 and a one year 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 has a market cap of $184.84 billion, a price-to-earnings ratio of 111.92, a PEG ratio of 4.13 and a beta of 0.92. The firm's fifty day moving average is $909.21 and its two-hundred day moving average is $931.62.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results 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 analyst estimates of $3.12 billion. During the same period in the prior year, the company earned $3.13 earnings per share. The firm's revenue was up 22.4% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on NOW. Guggenheim reissued a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. BMO Capital Markets boosted 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. DA Davidson boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and an average price target of $1,122.20.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on 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 of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock valued at $16,798,825 in the last three months. Corporate insiders own 0.38% of the company's stock.

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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