Next Century Growth Investors LLC Cuts Stake in ServiceNow, Inc. $NOW

Key Points

• Next Century Growth Investors LLC reduced its stake in ServiceNow, Inc. by 26.1% during the first quarter, now owning 3,881 shares valued at approximately $3.09 million.
• ServiceNow stock was recently upgraded by Truist Financial from a "hold" to a "buy" with a new target price of $1,200, while analysts maintain an average consensus target price of $1,115.20.
• In recent insider activity, Vice Chairman Nicholas Tzitzon and General Counsel Russell S. Elmer sold shares representing declines of 36.43% and 28.16% in their respective positions.

Next Century Growth Investors LLC lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 26.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,881 shares of the information technology services provider's stock after selling 1,373 shares during the period. Next Century Growth Investors LLC's holdings in ServiceNow were worth $3,090,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of NOW. Quarry LP acquired a new stake in ServiceNow during the 4th quarter valued at $27,000. Bogart Wealth LLC grew its holdings in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new stake in ServiceNow during the 1st quarter valued at $26,000. Heck Capital Advisors LLC acquired a new stake in ServiceNow during the 4th quarter valued at $37,000. Finally, WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Down 1.1%

Shares of NOW stock traded down $10.12 during mid-day trading on Friday, hitting $918.49. 1,881,767 shares of the company's stock were exchanged, compared to its average volume of 1,914,586. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $191.04 billion, a price-to-earnings ratio of 115.68, a PEG ratio of 4.19 and a beta of 0.93. The stock has a 50-day simple moving average of $945.88 and a two-hundred day simple moving average of $925.54. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 18.04% and a net margin of 13.78%.The business's quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the company posted $3.13 EPS. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

NOW has been the topic of a number of analyst reports. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Royal Bank Of Canada increased their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. Finally, Scotiabank set a $1,100.00 price objective on ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,585 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the transaction, the chief executive officer directly owned 12,439 shares in the company, valued at $11,195,100. This trade represents a 11.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,302 shares of company stock worth $10,956,796. Corporate insiders own 0.38% of the company's stock.

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.