NewEdge Advisors LLC Lowers Stake in ServiceNow, Inc. $NOW

Key Points

• NewEdge Advisors reduced its ServiceNow stake by 16.2% in the first quarter, selling 26,213 shares and retaining 135,683 shares valued at approximately $14.2 million. Institutional investors and hedge funds collectively own 87.18% of the company.
• Analysts remain broadly positive, with ServiceNow receiving a consensus “Moderate Buy” rating and an average price target of $143.39, despite several firms recently lowering their targets.
• ServiceNow exceeded quarterly expectations, reporting $0.90 in earnings per share and $3.99 billion in revenue, up 24% year over year. The stock opened at $124.91 and remains well below its 52-week high of $194.73.

NewEdge Advisors LLC decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 135,683 shares of the information technology services provider's stock after selling 26,213 shares during the quarter. NewEdge Advisors LLC's holdings in ServiceNow were worth $14,186,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Millstone Evans Group LLC lifted its stake in ServiceNow by 400.0% during the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. Blueline Advisors LLC purchased a new stake in ServiceNow during the fourth quarter worth about $25,000. Measured Wealth Private Client Group LLC increased its stake in ServiceNow by 560.0% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 140 shares during the period. Finally, Wealth Watch Advisors INC lifted its position in shares of ServiceNow by 432.3% during the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 134 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of ServiceNow from $180.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, April 16th. Bank of America started coverage on ServiceNow in a research report on Monday, May 18th. They set a "buy" rating and a $130.00 price objective for the company. FBN Securities reduced their target price on shares of ServiceNow from $160.00 to $120.00 in a report on Thursday, April 23rd. Raymond James Financial lowered their price target on shares of ServiceNow from $160.00 to $130.00 and set an "outperform" rating for the company in a report on Thursday, April 23rd. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $140.00 price objective (up from $130.00) on shares of ServiceNow in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $143.39.

Insider Buying and Selling

In other news, insider Paul Fipps sold 1,048 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the sale, the insider directly owned 12,072 shares of the company's stock, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anita M. Sands sold 16,445 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the sale, the director directly owned 30,090 shares of the company's stock, valued at $2,712,312.60. The trade was a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,993 shares of company stock worth $1,716,436 in the last ninety days. 0.34% of the stock is owned by corporate insiders.

ServiceNow Stock Performance

Shares of NOW opened at $124.91 on Friday. The company has a market capitalization of $129.16 billion, a price-to-earnings ratio of 78.07, a price-to-earnings-growth ratio of 2.20 and a beta of 0.94. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average price of $106.73 and a 200 day moving average price of $105.86.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.04. The company had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm's revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter last year, the company earned $0.81 earnings per share. Research analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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