Martingale Asset Management L P Sells 7,102 Shares of ServiceNow, Inc. $NOW

Key Points

• Martingale Asset Management L P reduced its stake in ServiceNow, Inc. by 24.1%, selling 7,102 shares during the first quarter, leaving them with 22,316 shares valued at $17.77 million.
• ServiceNow reported strong quarterly earnings with an EPS of $4.09, surpassing analysts' expectations of $3.57, and achieved revenue of $3.22 billion, marking a 22.4% year-over-year increase.
• Institutional investors and hedge funds own 87.18% of ServiceNow's stock, with many modifying their holdings during the recent quarter, including Stoneridge Investment Partners LLC, which increased its stake by 57.1%.

Martingale Asset Management L P reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,316 shares of the information technology services provider's stock after selling 7,102 shares during the period. Martingale Asset Management L P's holdings in ServiceNow were worth $17,767,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Stoneridge Investment Partners LLC boosted its stake in ServiceNow by 57.1% in the 1st quarter. Stoneridge Investment Partners LLC now owns 1,199 shares of the information technology services provider's stock valued at $955,000 after buying an additional 436 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of ServiceNow by 28.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,888 shares of the information technology services provider's stock valued at $2,299,000 after acquiring an additional 636 shares during the period. Knollwood Investment Advisory LLC boosted its stake in shares of ServiceNow by 0.3% in the 1st quarter. Knollwood Investment Advisory LLC now owns 20,971 shares of the information technology services provider's stock valued at $16,696,000 after purchasing an additional 55 shares in the last quarter. Geo Capital Gestora de Recursos Ltd lifted its holdings in ServiceNow by 6,863.6% during the 1st quarter. Geo Capital Gestora de Recursos Ltd now owns 1,532 shares of the information technology services provider's stock valued at $1,220,000 after purchasing an additional 1,510 shares during the last quarter. Finally, Breed s Hill Capital LLC boosted its position in ServiceNow by 10.1% in the first quarter. Breed s Hill Capital LLC now owns 513 shares of the information technology services provider's stock valued at $409,000 after buying an additional 47 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NOW opened at $891.2530 on Thursday. The firm has a market capitalization of $185.38 billion, a PE ratio of 112.25, a P/E/G ratio of 4.00 and a beta of 0.93. 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 stock has a 50 day simple moving average of $959.60 and a 200 day simple moving average of $931.56.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and increased their target price for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, July 29th. Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Royal Bank Of Canada boosted their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insiders Place Their Bets

In related news, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $860.00, for a total transaction of $258,000.00. Following the completion of the transaction, the director owned 9,886 shares in the company, valued at approximately $8,501,960. This represents a 2.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on 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 completion of the sale, the insider owned 3,000 shares in the company, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,361 shares of company stock worth $10,579,976 in the last 90 days. Company insiders own 0.38% of the company's stock.

ServiceNow 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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