Middleton & Co. Inc. MA Decreases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Middleton & Co. Inc. MA decreased its stake in ServiceNow, Inc. by 5.0%, now holding 19,579 shares valued at approximately $15.6 million.
• ServiceNow reported earnings of $4.09 per share, surpassing estimates, with a quarterly revenue of $3.22 billion, marking a 22.4% year-over-year increase.
• Analysts have issued mixed ratings for ServiceNow, with several upgrades leading to a consensus target price of $1,115.20 for the stock.

Middleton & Co. Inc. MA reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,579 shares of the information technology services provider's stock after selling 1,031 shares during the period. ServiceNow accounts for 1.8% of Middleton & Co. Inc. MA's portfolio, making the stock its 15th largest position. Middleton & Co. Inc. MA's holdings in ServiceNow were worth $15,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of NOW. GAMMA Investing LLC grew its position in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its position in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the period. Price T Rowe Associates Inc. MD grew its position in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in ServiceNow by 36.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock worth $1,940,464,000 after purchasing an additional 491,861 shares during the period. Finally, Sustainable Growth Advisers LP grew its position in ServiceNow by 96.7% in the 1st quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock worth $575,973,000 after purchasing an additional 355,629 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

NOW traded up $5.95 on Wednesday, reaching $911.07. The stock had a trading volume of 1,067,691 shares, compared to its average volume of 1,630,136. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a 50-day moving average of $990.76 and a 200-day moving average of $947.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $189.50 billion, a price-to-earnings ratio of 114.74, a price-to-earnings-growth ratio of 4.08 and a beta of 0.93.

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, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.13 EPS. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NOW. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and lifted their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. TD Securities restated a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Mizuho upped their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Piper Sandler upped their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, UBS Group lowered their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Transactions at ServiceNow

In related news, Director Lawrence Jackson sold 757 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 145 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,990 shares of company stock valued at $6,047,567. 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.